Bitcoin: BlackRock Buys $322 Million BTC: New Peak Incoming?

According to cryptocurrency Analysis firm LookOnChain, BlackRock purchased another 4,528 Bitcoin (BTC), worth around $322.68 million. The financial giant’s latest purchase takes its total holdings to 408,253 BTC, worth a whopping $29.09 billion.

Also Read: IBM: Will It Be Worth More Than Microsoft (MSFT) By 2035?

Did BlackRock’s Purchase Push Bitcoin To $72,000?

BlackRock’s recent Bitcoin (BTC) purchase may have pushed the asset to breach the $72,000 price point once again. Other bullish developments around BTC include Microstrategy revealing a profitable quarter and its stock, MSTR, hitting a new all-time high on Tuesday.

BlackRock Bitcoin ETF BTC
Source: news.bitcoin.com

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BTC is now inching closer to a new peak. The asset is currently only 1.8% away from its all-time high of $73,737.94, which it attained in March of this year. With the US Presidential elections right around the corner, we may witness the original crypto soar to new highs very soon.

How High Will The Asset Go In November?

Many analysts anticipate BTC hitting a new high if Donald Trump wins the US election. Standard Chartered believes the original crypto could soar to $125,000 if Trump takes charge of the White House.

According to a recent X post by prominent cryptocurrency analyst Ali Martinez, Bitcoin (BTC) has peaked between the 1.618 and 2.272 Fibonacci retracement levels in previous bull cycles. A similar pattern could take BTC to between $174,000 and $462,000.

Also Read: Here’s How High Bitcoin (BTC) May Soar This Weekend After Acing $70K

The analysts at CoinCodex also paint a bullish picture for Bitcoin (BTC), predicting the asset will continue its upward momentum over the next few weeks. The platform anticipates BTC hitting $95,801 on November 28, 2024.

Source: CoinCodex

According to the forecasts, BTC seems to be on a path to new heights. A Trump victory may solidify BTC’s upward momentum even further.

BTC could also face a correction over the next few days if market sentiment dwindles and investors begin to book profits.

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