Bitcoin might struggle to gain support from institutional investors
, Michael Purves, CEO of Tallbacken Capital Advisors, says that he has been bearish on Bitcoin since January, and his stance hasn’t changed. Bitcoin’s long-term bullish momentum started to break in late January, according to Purves.Bitcoin soared past the $20,000 mark in late December and then went on to reach new highs in 2021.
Due to Bitcoin's inability to act as an inflation hedge, Purves whether institutions will show up to buy the dip if the Bitcoin price drops significantly lower.
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