Bitcoin rallies cautiously, climbing to the upper border of the zone 47,124.39 - 48,178.13 between the blue and red dotted lines. Consolidation above this zone will open the way for BTC/USD to the level of $50,000 per coin, and after that to $52,000.

Meanwhile, global demand from institutional investors is growing. According to a recent report by Fidelity, more than 50% of the surveyed institutions have already invested in digital assets in one form or another.

The study, which surveyed 1,100 institutional investors in the US, Europe, and Asia, found that Asia and Europe have higher investment rates than the US. And over 70% of all surveyed investors in Asia have already started delving into digital assets.

Among cryptocurrencies, Bitcoin and Ethereum are in the greatest demand among institutions, while Litecoin and Binance Coin get less interest. However, this study showed that a very small number of investors directly hold these assets in their portfolios. Most of them prefer investment products to direct purchases of digital assets.

The reason for this is probably the difficulty in storing spot coins. In addition, not all institutions can directly invest in cryptocurrencies. However, the approval of crypto ETFs in the US is likely to spark institutional interest and become a strong driver for market growth.

Meanwhile, 71% of those surveyed in the US and Europe plan to buy cryptocurrencies in the future. And 70% of all respondents reported a neutral or positive perception of digital assets.

Why is institutional interest growing? What prompts large market players to buy cryptocurrency and can this trend continue?

According to a Fidelity survey, the most attractive attribute of digital assets is their growth potential. Considering BTC is seeing a 303% rise in ROI in 2020, this makes sense. The second factor is "playing with innovative technologies" - 39% of all respondents said that this factor is important for them.

And finally, the lack of correlation with other assets played a certain role, increasing the attractiveness of cryptocurrencies. This factor is especially important for the US and Europe during a period of low interest rates and extensive monetary stimulus, making fiat currencies unprofitable for their profitability.

Therefore, Cathie Wood's claims that institutional interest will allow bitcoin to grow tenfold in five years is not without foundation. And now, locally, Bitcoin seems to have every chance of recovering losses on the September 7 crash. Judging by the technical picture, the bearish flag is gradually losing its relevance, and its formidable prediction may not come true.