It seems the odds are currently against Bitcoin towering over it's current price $31,551.
Even with the institutional demands the market tends to drive further in the bearish downward swing.
Guggenheim's CIO Scott Minerd seems to think in the same line. Although a little red light might have already gone off with his prediction.
He is of the opinion that in the short run Bitcoin will not soar pass the $30,000 benchmark.
But as at the time of writing, it has switched baton to the $31K lane. However the end of this month may see it recede back to the $30K finish line or further back step in market correction to the $20K support line.
Indications show that this might just be a calm before the storm -- a storm which the whales are anchoring patiently in wait for.
According to Charles Hoskinson Founder of Cardano foundation February is going to be a good month.
And if all is in line with the US Congress and Joe Biden's push for a $1,400 stimulus distribution, this might also correlate Robert Kiyosaki's prediction of a financial Tsunami coming in February.
A possible reason why Bitcoin might be underperforming or receding downwards even more might be as a result of a metabolic reaction reversing all of the binge highs from Q4 of 2020.
And all of that indigestion on the blockchain is beginning to make correction.
Could be...
But a very possible reason seems to steam from the Asia market as there tends to be huge pressure to sell against the preparations of the Chinese New year.
Like every remarkable event, retail activities around this time is straight off the roof. And as such the pressure to cut into savings becomes temptatively inevitable.
Bitcoin might be trying to survive through a food fight at the moment, but Grayscale Trust Investment dubbed the largest cryptocurrency asset manager is definitely trying to rope in some more DeFi options in it's listing.
Grayscale is currently filing to have trust wallets for Aave ($AAVE), Cosmos ($ATOM), Polkadot ($DOT), Montero ($XMR) and Cardano ($ADA) in the Delaware Registry.
Grayscale asset value was seen to have soared to $25 Billion in 2020. And with such possible future move grayscale will tend to soar even higher.
But what will this mean for the cryptospace.
Is it weird to think that the treasury and the central banks are slowly trying to create a centralized archetyped structure.
And will such institutional demand on the decentralized protocols bring about a toy soldier formation take over exhaustion or will it just promote healthy massive adoption?
Or could this be a SEC/XRP standoff in disguise?
...although there is strong pressure to sell as a result of the upcoming Chinese New year, Bitcoin a few minutes more into writing has made a shift upwards towards $32,581.
And with such move, Bitcoin whale and founder of One River Management Eric Peter believes that institutional buys will reel in more whales soon.
Well if the volatility keeps creating abnormal spreads the BTC/USD pair will likely skyrocket anytime soon.
February is definitely looking green energy eco-smiley.
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