According to cryptocurrency analysis firm LookOnChain, BlackRock, the world’s largest asset manager with around $11 trillion worth of assets under management, bought 16,975 Bitcoin (BTC) last week. The value of the BTC purchased is around $1.17 billion.
Also Read: Bitcoin’s Meteoric Rise: EU Central Bank Issues Urgent Warning
Is BlackRock Pushing Bitcoin’s Price?
BlackRock’s latest BTC purchase aligns with the asset’s latest rally. BTC is up by 7% in the weekly charts, 7.5% in the 14-day charts, 8.7% over the previous month, and 130.6% since October 2023. The original cryptocurrency is now only 6.9% away from its all-time high of $73,737.94, which it attained in March of this year.
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Another reason for BTC’s rally could be the upcoming US Presidential elections. Many experts predict a Donald Trump victory, which could lead to a market-wide rally. Market participants may be anticipating a rally in the days preceding the election, which will take place on Nov. 5, 2024.
October is usually a bullish month for the crypto market, and the trend seems to be maintained in 2024.
Will The Asset Hit A New All-Time High?
According to CoinCodex analysts, Bitcoin (BTC) will continue to rally over the next few weeks. The platform anticipates BTC to surpass its all-time high on Oct. 23, 2024, breaching the $75,000 mark. CoinCodex anticipates BTC to hit a high of $93,024 on Nov. 20, 2024. Hitting $93,024 from current price levels will translate to a rally of about 35.7%.
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Changelly also presents a similar forecast for BTC. The platform anticipates the asset to hit a new all-time high of $92,226 on Nov. 14, 2024. Hitting $92,226 from current price levels will entail a rally of about 34.59%.
