According to crypto analysis firm LookOnChain, BlackRock has added another 1162 Bitcoin (BTC), worth $72.82 million. The world’s largest asset manager currently holds 272,139 BTC, worth $17.06 billion.
While BlackRock has increased its BTC holdings, Grayscale has reduced its BTC exposure by 2524 BTC, worth $158.21 million. Grayscale currently holds 311,621 BTC, worth $19.53 billion.
Also Read: BlackRock Launches Bitcoin ETF Ads on Bloomberg’s Homepage
BlackRock’s latest BTC purchase coincides with the asset’s halving event due later this month. Many analysts anticipate a market-wide rally following BTC’s halving, as seen in previous instances. The asset manager’s latest purchase may be due to expectations of a price surge.
Will Bitcoin (BTC) rally soon?
According to CoinCodex, Bitcoin (BTC) may break out after its halving event. The platform predicts BTC to reclaim its all-time high later this month, hitting $74,211 on Apr. 24, 2024. Hitting $74,211 from current levels would translate to a growth of about 16.7%.
Also Read: 3 Cryptocurrency Meme Coins Set To Surge 200% Post Bitcoin Halving.
Furthermore, CoinCodex anticipates BTC to continue surging over the next few weeks, surpassing the $84,000 mark by mid-May. The platform predicts BTC to hit $84,406 on Apr. 14, 2024. Reaching $84,406 from current levels would translate to a growth of about 32.7%.
Changelly also paints a bullish picture for Bitcoin (BTC), predicting it to hit $76,486 on Apr. 27, 2024. Furthermore, the platform anticipates BTC to hit $83,826 on May 12, 2024.
Another bullish development for BTC is Hong Kong’s recent approval of Ethereum and Bitcoin spot ETF (Exchange Traded Fund) applications. BTC recently hit an all-time high of $73,737 in March, fuelled by the US SEC’s (Securities and Exchange Commission) approval of 11 spot BTC ETFs. A similar pattern may emerge due to the Hong Kong ETH and BTC ETFs.