Third Point Management is a New York-based hedge fund worth $17 billion. Its recent filing with the Securities and Exchange Commission shows that the hedge fund has stakes in the flagship cryptocurrency. According to the documents, the fund holds a significant amount of Bitcoin at the Coinbase platform. This latest news of other closet institutional investors has brought a price rally for Bitcoin.
The leading coin has been trying to break out of its support range of $50K-$55K for well over a month now. Many market analysts have predicted that Bitcoin can suffer from a momentary resistance for a while before getting back on the journey to complete the remaining Bullish race laps. For now, the flagship currency is trending at $59K. While the documents have not disclosed the volume of the digital assets that it holds but it is likely a massive amount of Bitcoin holdings.
Bitcoin is becoming the Currency for the Billionaires
Third Point Management is founded by Daniel S. Loeb. Loeb has a net worth of $3.5 billion and is known to be a realistic Bitcoiner. Last month he posted on his social media about his latest interest in Bitcoin and other digital assets. He called on his followers to give him reasonable and sound arguments in support of and against the digital asset trading setup.
Now, the reason behind his interest in the digital asset market has to turn into a reality. He is not the only billionaire who is eyeing Bitcoin as a store of value. Mark Cuban has also gone from Bitcoin naysayer to believer. Elon Musk was introduced to the digital assets by Michael Saylor. Some other billionaires to join the Bitcoin army are Paul Tudor Jones, Kjell Inge Rokke, Ricardo Salinas Pliego, and Stanley Druckenmiller, among others.
Bitcoin and Ethereum All set to Break out for a New ATH During the Weekend
Critically acclaimed crypto analyst Michaël van de Poppe has been pleading the case of digital assets for some time. He shared Pi cycle top indicator analysis to project the similarity of the behavior during the 2017 Bull Run for BTC. Van de Poppe believes that it is high time for Bitcoin and Ethereum to gather the current market potential momentum and break out of all their previous records.
He further added that charts and readings help understand the price behaviors of digital currencies. However, in real-time, anything could happen. He thinks that in case of a nosedive, Bitcoin may fall as low as the $50K-$53K bracket.