BTC/USD recovers yesterday's losses, nears record highs

Following the record setting rally on Tuesday, the BTC/USD made a technical correction amid some profit taking action on Wednesday but gathered momentum again on Thursday. As of writing, the pair was trading at $3414, gaining 1.7%, or $56, on the day.

The pair's price action on Thursday seems to be technical in nature as the trading range remained relatively narrow. Brad Chun, CEO of blockchain startup Mooti Digital Identity, "for early tech adopters who can't fathom a market cap of over $50 billion or $100 billion for bitcoin, they haven't seen anything yet. While we might see profit taking short-term, I view any dips as buying opportunities," told CoinDesk, an independent publication focused on digital currencies.

Bitcoin could continue to gather strength in the coming days as investors expect the demand from institutional investors to increase. In an interview with the CNBC, "I  think bitcoin is an underowned asset with potential for huge institutional sponsorship coming," said Tom Lee, co-founder of Fundstrat. He further added that he expects bitcoin to be the best performing asset class through the end of this year.