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BlackRock Expands Bitcoin Holdings and Invests in MicroStrategy
BlackRock recently invested over $1 billion in Bitcoin, alongside boosting its stake in MicroStrategy, indicating a deepening commitment to BTC and related assets.
Joe G & Money Talks
October 29, 2024 • Estimated Reading Time: 7 minutes
What we will talk about today...
Bitcoin Bulls Eye Six-Figure Target as Price Nears $72K
BlackRock Expands Bitcoin Holdings and Invests in MicroStrategy
Binance Whales Propel Bitcoin Past $71K, Nearing All-Time High
Bitcoin's recent price surge has raised predictions of a potential six-figure valuation by 2025, as the cryptocurrency approaches critical resistance levels.
B I T C O I N $BTC
There are numerous ways to determine targets. One variable is whether semi-log or linear scale is used
Target of 94,000 is measured move of triangle projected from breakout level on semi-log
⬇️ 🧵 1/3— Peter Brandt (@PeterLBrandt)
3:16 AM • Oct 29, 2024
3/3
I also presented a possible target in a Jun blog post titled "The beautiful symmetry of past $BTC bull market cycles," see link here
peterlbrandt.com/the-beautiful-…
Enjoy
Of course all of these targets could be wrong
Thus, I always trade with risk management in mind— Peter Brandt (@PeterLBrandt)
3:16 AM • Oct 29, 2024
Main Points:
Price surge to $71,500: BTC rose 5%, setting a 20-week high on Oct. 29.
Increased trading volume: Bitcoin trading volume surged 148%, reaching $47.5 billion.
Resistance at $72,000: Analysts view $72K as a key level for further gains.
Ambitious price targets: Experts predict Bitcoin may hit $150K or higher by 2025.
Detailed Insights:
Price surge to $71,500: Bitcoin climbed to a 20-week high on Oct. 29, sparking market optimism.
Increased trading volume: Volume nearly doubled in 24 hours, with $78 million in shorts liquidated.
Resistance at $72,000: Analysts highlight $72,000 as a key level for potential new highs.
Ambitious price targets: Veteran trader Peter Brandt forecasts BTC reaching up to $235,000.
Optimistic outlook: Analysts suggest BTC could hit $150K by 2025 if the rally continues.
Ether $ETH
I am posting this not as a slam on ETH, even though I'm not a fan, but to describe how I trade - so ETHernuts, dont take offense. I am as quick to go long on a good pattern as short on a good pattern
1. 5-mo rectangle (my fav pattern) completed Aug 4
2. Retest of BO… x.com/i/web/status/1…— Peter Brandt (@PeterLBrandt)
2:29 PM • Aug 14, 2024
Pi Cycle check-in.
I think it's worth noting: we have exceeded the white line in the past two cycles, and it hasn't even turned up yet this cycle.
150k is perfectly possible.
Will start posting these updates more often as we rise.
— Dyme (@CryptoParadyme)
2:42 AM • Oct 29, 2024
B I T C O I N $BTC
The 5-month inverted expanding triangle has now been completed
Follow through will be important
The post halving advance may have begun
The series of lower highs and lower lows since March has come to an end— Peter Brandt (@PeterLBrandt)
2:45 AM • Oct 29, 2024
#Bitcoin $71k mark.
BTC is heading back to the strong resistance zone at around $71k - $73k.
However, this time is much different since the buying force is pushed by some major forces:
+ US Election (probably a win for Trump)
+ FED cut rates (soft landing)-> Bitcoin seems to… x.com/i/web/status/1…
— Amber _ D (@0xAmberCT)
7:00 AM • Oct 29, 2024
One last hurdle before price discovery.
#Bitcoin
— Jelle (@CryptoJelleNL)
6:36 AM • Oct 29, 2024
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BlackRock Expands Bitcoin Holdings and Invests in MicroStrategy
BlackRock recently invested over $1 billion in Bitcoin, alongside boosting its stake in MicroStrategy, indicating a deepening commitment to BTC and related assets.
Main Points:
Massive Bitcoin purchase: BlackRock acquired $1 billion in BTC last week, with another $300 million on Oct. 28.
ETF inflows strong: BlackRock’s Bitcoin ETF, IBIT, leads October inflows, underscoring BTC’s appeal.
MicroStrategy investment: BlackRock now holds a 5.2% stake in MicroStrategy, reinforcing its Bitcoin alignment.
Strategic BTC acquisitions: BlackRock’s buying approach is gradual, often with 600 BTC transactions daily.
Detailed Insights:
Massive Bitcoin purchase: BlackRock’s Bitcoin holdings reached 399,525 BTC, underscoring long-term confidence.
ETF inflows strong: IBIT’s high inflows reflect a successful October for BTC ETFs, per Lookonchain data.
MicroStrategy investment: BlackRock’s 5.2% MicroStrategy stake boosts its indirect Bitcoin exposure.
Strategic BTC acquisitions: The consistent purchase approach points to ongoing BTC market faith.
Market impact: BlackRock’s strategy is amplifying Bitcoin and driving related stock values to new highs.
₿itcoin reached $71,465. +2.21%
♢Ethereum reached $3,771. +1.47%
Bitcoin's rally past $71,000 is largely driven by trading from Binance whales, supported by steady inflows into U.S. Bitcoin ETFs.
Main Points:
Bitcoin reclaims $70K: BTC hits $71,475, close to its $73,750 all-time high.
Market surge: Global crypto market gains $112 billion, increasing to $2.4 trillion.
Binance whale activity: Heavy trading on Binance by large players fuels Bitcoin’s rise.
ETF demand grows: U.S. Bitcoin ETFs see significant inflows, supporting BTC momentum.
Detailed Insights:
Bitcoin reclaims $70K: Bitcoin reached $71,475, just 3.5% short of its all-time peak.
Market surge: A 4.56% rise in crypto markets reflects Bitcoin's influence.
Binance whale activity: Binance traders, especially during Asian hours, drive BTC price up.
ETF demand grows: Since Oct. 14, U.S. ETFs gained 47,000 BTC, showing rising interest.
Global trading dynamics: Despite robust U.S. demand, Binance whale activity dominates BTC’s price movement.
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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results