19:27Bitcoin (BTC) price prediction for March
Fundamental analysis: 5% of surveyed companies to purchase Bitcoin this year
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Gartner decided to conduct this research after electric vehicle giant Tesla bought $1.5 billion in Bitcoin and MicroStrategy’s announcement of a $600 million convertible bond offering in a bid to use the proceeds to buy additional BTC.
77 participants were surveyed by Gartner, with 50 being CFOs of different companies. The views on investing in the top cryptocurrency varied based on the sector the company works in, with the tech industry showing the biggest enthusiasm for Bitcoin as 50% of its respondents expecting to invest in Bitcoin in the future.
While 84% of respondents voiced their concerns about investing in Bitcoin due to its high volatility, the majority of them also adopted a wait-and-see approach. Over 70% of those surveyed said they are very interested in whether other companies are planning to invest in cryptocurrency.
“Finance leaders who are tasked with ensuring financial stability are not prone to making speculative leaps into unknown territory,” said Alexander Bant, head researcher at Gartner.
“It’s important to remember this is a nascent phenomenon in the long timeline of corporate assets. Finance leaders who are tasked with ensuring financial stability are not prone to making speculative leaps into unknown territory,” he added.
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The only available technical tool that can measure the next target for the BTC buyers is Fibonacci extension lines. The 261.8% Fibonacci extension line comes at $63,500 and will likely act as the next target to the upside. On the downside, we may see a pullback to the $60,000 handle.
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