Time to Jump Into the Crypto Market? The World Largest Fund’s BTC Accumulation Could Be a Sign

bitcoin, btc

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’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.

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.

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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