LookOnChain cryptocurrency analysts report that BlackRock, with its $11 trillion in assets managed, is the largest asset manager worldwide. They reported BlackRock purchased 16,975 Bitcoins last week. BTC bought by BlackRock is worth around $1.17billion.
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BlackRock pushing Bitcoin price up?
BlackRock’s recent BTC acquisition is in line with BTC’s most recent rally. BTC’s weekly chart is up 7%, the 14-day chart by 7.5%, the monthly charts are up 8.7%, and the 130.6% increase since October 20,23. Original cryptocurrency, now at $73,737.94 (its all-time highest), is only 6.9% off its previous high.
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BTC could have also been boosted by the US Presidential election. A Donald Trump win is predicted by many experts, leading to an increase in BTC prices. The market participants could be expecting a rally to take place in the weeks leading up to the November 5, 2024 election.
The crypto market has a generally bullish October, and this trend is expected to continue in 2024.
Is the asset set to reach a new all-time high?
Analysts at CoinCodex believe that Bitcoin (BTC), will keep on rising over the coming weeks. BTC is expected to reach its highest level ever on Oct. 23 2024. CoinCodex expects BTC’s high to be $93,024 in November 2024. To reach $93,024 based on current prices, a 35.7% increase is required.
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Changelly presents the same forecasts for BTC. Platform predicts that the asset will reach a new high of $92,226 in November 2024. To reach $92,226 at current prices will require a 34.59% increase.
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Source: watcher.guru
