Did BlackRock Bitcoin Holdings Surge After Grayscale Sale?
BlackRock, the world’s largest asset manager, significantly increased its Bitcoin (BTC) holdings on Friday, December 6. This development came briefly after another asset management firm, Grayscale, sold $150 million worth of BTC.
The bold acquisition signals BlackRock’s growing confidence in the flagship cryptocurrency. As institutional investors continue to buy Bitcoin after it passed the $100,000 milestone, here’s what’s next for the coin.
Bitcoin continues to gain support from BlackRock
Bitcoin price surged to $100,000 for the first time on Thursday, December 5. Arkham Intelligence reports that this milestone prompt grayscaleone Bitcoin Exchange Traded Fund (ETF) Issuersselling $150 million worth of BTC.
In stark contrast, BlackRock reportedly Hold 500,000 BTCtook a different approach. A day later, the investment giant added $750 million to its Bitcoin holdings, signaling confidence in the asset’s long-term prospects despite recent price volatility.
A significant increase in BlackRock’s Bitcoin holdings will be crucial to helping the cryptocurrency grow, according to BeInCrypto findings Retesting $100,000 after brief dip to $97,000. But the question now is: Will BTC continue to rise?
Any idea if there is a way Bitcoin price will continue to rise Just look at SOPR. SOPR stands for Spend Output Profit Margin. It is calculated by dividing the profit of long-term holders (LTH) holdings by the profit of short-term holders (STH).
When the ratio is high, it means LTH payouts are more profitable Than something. In this case, it means the price is close to the local or market top. However, according to CryptoQuant data, Bitcoin SOPR has dropped to 1.45, indicating that STH has the upper hand and the price is closer to the bottom than the top.
If this trend continues, the price of Bitcoin could rise above $100,000 in the coming weeks.
BTC Price Prediction: $100,000 Could Be Just the Start?
From a technical perspective, Bitcoin price is trading Within a symmetrical triangle on the 4-hour time frame. The symmetrical triangle pattern signals a period of consolidation, where price tightens between converging trend lines before a breakout or breakdown occurs.
A break below the lower trendline usually signals the start of a bearish trend, while a break above the upper trendline usually signals the start of a bullish trend.
Additionally, Chaikin Money Flow (CMF) is in positive territory, indicating strong buying pressure. If this situation holds and BlackRock’s Bitcoin holdings increase, Bitcoin price could rise to $103,649.
In a highly bullish scenario, Bitcoin’s value could rise to $110,000. However, this may not happen if institutions like Grayscale continue to sell in large quantities. Conversely, the price of Bitcoin could drop to $93,378.
Disclaimer
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