BlackRock, the world’s largest fund with $8 trillion currently in its portfolio, is apparently increasing its Bitcoin (BTC) holdings.
As noted by well-known cryptocurrency supporter David Gokhshtein, not only has BlackRock resumed buying BTC but it is also obtaining more Ethereum (ETH).
However, Gokhshtein also warns that market players might have to buy both assets at a higher price if they want to secure them, as the current market sentiment is bearish. This lack of confidence has caused key players to leave the market entirely.
BlackRock is buying up $BTC and $ETH while a lot of you are exiting.
They’ll make it more expensive for you to come back in.
— David Gokhshtein (@davidgokhshtein) December 7, 2022
BlackRock’s crypto purchase could suggest that other investment firms and institutional investors are also buying more Bitcoin (BTC) and Ethereum (ETH).
Recently, Bitcoin has made higher lows and analyst Michaël Van De Poppe has predicted that the flagship cryptocurrency will only continue to move higher, potentially even reaching $17,000.
The analyst isn’t ruling out the possibility that BTC could hit $16,500, but he sees reclaiming the $16,900 level as more likely.
#Bitcoin still consolidating beneath support here.
Everyone focuses on $16.5K for a potential long, but I think we might be reclaiming the previous support today for support again ($16.9K). pic.twitter.com/v33kjtwTSV
— Michaël van de Poppe (@CryptoMichNL) December 8, 2022
Another notable analyst, DaanCrypto, has a more neutral view on where Bitcoin is headed. He believes that the anticipated upswings and downswings are only temporary.
$BTC In a very tight range here with tons of untapped highs and lows.
I think all these levels will get taken out and that the initial move will likely become a fakeout only to retrace and take the other side.
Would definitely be a classic #Bitcoin move. pic.twitter.com/xmxBGtui2r
— Daan Crypto Trades (@DaanCrypto) December 8, 2022
Price Action
Bitcoin was trading above $17K as of 10:45 a.m. PT, gaining 2.12% over the previous 24 hours. Ether meanwhile, was trading 3% higher at $1,269.23 early in Thursday’s session.
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