Grayscale Investments has been taking in (BTC) at a frantic pace. In the last week alone, the fund gobbled up 19,879 Bitcoin, which is way over the 7,081 Bitcoin mined during the period, according to crypto researcher Kevin Rooke. This shows that demand far exceeds supply at the moment, which is a positive sign.
However, Tone Vays believes that if the breaks below 3,000, it could fall another 12%. Due to the strong correlation between the S&P 500 and Bitcoin a crash in the equity markets could drag the top-ranked asset on CoinMarketCap to the $7,000 levels. Vays expects Bitcoin to consolidate “between $6,000 and $10,000 for the majority of this year.”
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