Since the spread of PayPal’s news regarding the company’s acceptance of digital currencies, the bitcoin currency has been flying high, reaching its highest price in 2020 at the level of 13,200 dollars.

Currently, the price of the currency stands at the gates of the $13,000 level.

According to trader and analyst Peter Brandt, Bitcoin is on the verge of recording its second highest monthly close since the coin began trading.

According to Brandt, this is a direct result of institutional involvement.

Bitcoin is about to record its second highest monthly close since its inception:

Analyst Peter Brandt has over 40 years of experience analyzing the forex and stock markets, is known for providing unbiased analysis and insights into Bitcoin and other cryptocurrencies, and is highly respected by the crypto community for his objective opinions.

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According to “Brandt”, the Bitcoin currency is about to record the second highest monthly close in its history, if the currency maintains its momentum until the end of this October.

Bitcoin – if current gains continue through the end of October – is poised for second-highest monthly close on recordBTC dollars
Institutions are increasingly participating in Bitcoin ownership
Institutions determine the value of their assets on a monthly basis pic.twitter.com/L71AMvvann

– Peter Brandt (@PeterLBrandt) October 21, 2020

Bitcoin Rise on Institutional Engagement:

Analyst Peter Brandt attributed the rise in the price of Bitcoin to the increased participation of institutions.

What he meant was that in 2017, institutional investment in the bitcoin market didn’t matter.

But it is different this year, which is confirmed by the latest update of the “Skew” company, which specializes in analyzing the crypto markets.

with # bitcoin Options open exit interest pic.twitter.com/AnrWvpwoZt

– skew (skewdotcom) October 22, 2020

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Although there are $1.8 billion worth of unstable bitcoin options on the Deribit platform, CME options traders exchanged $441 million in contracts.

Given the huge number of hedge funds and institutional investors the platform serves, this is largely a decent testament to the degree of maturity of Bitcoin as an asset.

Caution about correction:

Peter Brandt’s bullish outlook may trigger some serious buying.

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Despite this, the analyst noted,WycoMode“Bitcoin will undergo a short pullback before rallying upwards.

In support of his claims by technical indicators, “Wyckoffmode” said that on the 12-hour time frame BTC/USD chart, the Relative Strength Index (RSI) line, after touching 56, is heading towards levels near 50.

This may cause the cryptocurrency to record a short decline after this rally, which stands at the outskirts of $13,000.

This was supported by many analysts and followers of the Bitcoin currency.

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