Bitcoin (BTC) has seen quite a price spike over the last few days. The asset is on the brink of surpassing its peak of $108,786. BTC’s price rally is likely due to an increase in institutional inflows. According to Farside, BlackRock has purchased more than $3.1 billion worth of BTC since May 2. The world’s largest asset manager seems to be quite bullish on the original cryptocurrency.
Also Read: Take-Two Prices $4.75M Share Offering at $225, Morgan Stanley Ups Target to $265
Will Bitcoin Hit a New All-Time High Amid BlackRock’s Big Purchases?
BTC is currently down by just 2% from its all-time high of $108,786. There is a high probability that the original crypto will hit a new peak very soon. Institutional investments are central to an asset’s price. BlackRock’s bullish outlook could inspire other investors to go long on BTC. Such a development could lead to a surge in demand and price.
Also Read: If You Bought $500 in PEPE One Year Ago, You’d Have This Now
There is also a high probability that the Federal Reserve will cut interest rates soon. A rate cut may trigger another market-wide rally. Such a scenario could further boost investor sentiment.
According to CoinCodex analysts, BTC may be in for another bullish leg over the coming weeks. The platform anticipates the asset to breach its peak later this week on May 23. CoinCodex further anticipates BTC to climb to a new all-time high of $161,540 on Aug. 18. BTC’s price will rally by 51.63% if it hits the $161,540 target.
Also Read: PLTR: Palantir Falls 3% on $178M Army AI Deal, BofA Eyes $150
There is also a possibility that Bitcoin (BTC) will not rally as predicted. The asset could face a correction instead. The current rally is likely due to institutional investments. Retail players may be sitting this rally out. If institutions slow down their investments, BTC’s rally could become cold.
