Bitcoin Price at Generational Bottom With Institutions Buying En Masse

Crypto analyst Cred opines that bitcoin may have hit a generational bottom, presenting a good buying opportunity for long-term holders.

On Oct. 5, 2022, Fidelity Investments purchased over $5 million worth of ETH for their institutional investors, not long after the New York Digital Currency Group raised $720 million for a bitcoin fund.

Crypto analyst Cred opines that while it is a toss-up whether bitcoin has reached a so-called generational bottom, a long time horizon will mean you won’t regret buying at $20,000. However, Cred points out that the confluence of macro events like the Covid-19 pandemic, a strong dollar, and increasingly hawkish tightening by the Federal Reserve are influencing bitcoin’s price beyond traditional multi-year price cycles.

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