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Bitcoin, which renewed its ATH by rising above $ 73,000 in the past weeks, dropped to $ 60,000 with the declines it experienced this week.
While some analysts thought that the correction in BTC could continue to lower levels, a positive report came from Goldman Sachs.
Mathew McDermott, head of digital assets at Goldman Sachs, stated that the latest rally in Bitcoin was driven by retail investors, contrary to the general opinion, and said that institutional investors have just started to turn to BTC and the real rise has not started yet.
Speaking at the Digital Asset Summit (DAS) in London, Mathew McDermott said the following about the BTC price:
“The recent rise in Bitcoin and cryptocurrencies has been driven primarily by purchases by retail investors.
But now we are starting to see institutions step in. We now see that the demand and appetite for Bitcoin is changing. At this point, the real rise in Bitcoin has not started yet.
Last year was difficult but going into this year we saw a huge shift not only in terms of customer types but also volumes. Spot Bitcoin ETFs had a huge impact on this change. ETFs have caused a psychological shift.”
Goldman Sachs’ head of digital assets, Mathew McDermott, recently stated that the rise in Bitcoin has just begun and added that the rally will continue and tremendous levels will be seen.
*This is not investment advice.
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