The first day of the new week began for the digital asset market with a change in the structure of the top 10 cryptocurrencies. Ethereum Classic (ETC) moved to the 11th position, giving way to Cardano (ADA) cryptocurrency in the top 10.
Meanwhile, members of the crypto community keep exploring the possibilities for further movement of the Bitcoin exchange rate. Famous analyst Peter Brandt, who had previously predicted BTC correction after cryptocurrency reached its absolute maximum in December 2017, drew attention to the features of the asset chart.
A popular brand of shampoo pic.twitter.com/dSnFFssirD
— Peter Brandt (@PeterLBrandt) February 2, 2020
On Twitter, the specialist notes that the rate is completing the head-shoulders pattern at the moment. According to the rules of technical analysis, the way out of the latter can turn for Bitcoin at the beginning of an active movement.
At the same time, a well-known analyst in the crypto community, PlanB, states that BTC is entering the phase of long-awaited growth. This is indicated by the results of the analysis of the cryptocurrency, based on the indicators of the S2F model. The latter reveals the prospects for the further movement of the asset’s rate, given the data on the reserves of yet undeveloped Bitcoins and information on the influx of BTC.
— PlanB (@100trillionUSD) February 2, 2020
In turn, the use of a similar model to predict the further movement of an asset’s course can be equally effective at different periods.
Besides, according to a previous specialist tweet, Bitcoin may become the second S2F50 + asset.
In 3 months we will have a second S2F50+ asset. Very interesting how markets will value it 🔥 pic.twitter.com/GtzYrnPPYh
— PlanB (@100trillionUSD) February 1, 2020
Bitcoin Institutions Adoption Keeps Growing
Note, amid disputes about the prospects for the further movement of the Bitcoin exchange rate, cryptocurrency remains one of the most highly profitable assets in the market.
However, the caution of large investors regarding digital assets is explained by a negative experience with a new financial instrument. After BTC reached its peak value in December 2017, a protracted correction began. The latter caused the death of many projects whose investors were major players in the crypto space.
As of early February 2019, many large financial institutions began exploring the possibilities of digital assets. Specialists of the financial holding JPMorgan went further than others. The bank has developed its own cryptocurrency. Despite this, many large companies still prefer to keep their distance from digital assets.
Recall that, members of the crypto community had hopes associated with solving the problems of attracting institutional members to the market with the opening of the Bakkt crypto platform. The regulated trading platform was supposed to provide this segment of users with the necessary tools for investing in digital assets.