GoldenTree is a $41B hedge fund that has recently added Bitcoin to its balance sheet. This is yet another bullish news for Bitcoin as it treads past the $42k price point. GoldenTree’s reason for adding it to its balance sheet was to diversify its portfolio. Until now, they were only implementing conservative, debt-based plans to be on the safe side. But now, the investment in crypto has put them among the top hedge funds to embrace crypto.
Bitcoin is showing bullish nature, But?
Bitcoin just crossed the $42k price point after a lot of struggle at $40k, and things have started to look bullish again. Market sentiment is good, and people are talking about how $100k could be a possibility by the end of the year. But there are some critical levels that BTC needs to cross. 1st is the $43k-44k price, and then is the $50k. These are not the exact prices, but they house critical Fibonacci levels that started the downtrend in the previous bull runs. So, this could be a major bull trap.
BTC has seen many bull runs in the past, and not even once did the market recover completely after a drop below the 50 weekly MA. It touches the line and sees a huge jump (a dead cat bounce) before dropping again completely. But this time around, we have institutions, big companies, more retailers, and even governments investing in crypto. So, there are chance things will turn out to be different. But we have to wait and see.
What are your thoughts on the $42B hedge fund GoldenTree that has added Bitcoin to its balance sheet? And do you think that the current rise of BTC is a fake out or the starting of another bull run? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.
Also Read: PayPal will expand its crypto service to UK next month
