Paris-based publicly-traded cryptocurrency firm, The Blockchain Group, has purchased 624 Bitcoin (BTC) worth around $68 million. According to an official X post, the company holds a total of 1471 BTC, with a yield of 1097.6% year-to-date.
Bitcoin Gains Traction Amid Big Buy
The Blockchain Group’s $68 million BTC purchase comes amid a slight market rebound. BTC climbed to a peak of $111,814 on May 22. BTC’s price has faced a correction since its May peak. The larger crypto market followed BTC’s downward trajectory, with the global market cap dipping 0.3% in the last 24 hours to $3.44 trillion.
BTC’s price has risen 0.9% in the daily chart, 10.3% in the monthly chart, and 52.6% since June 2024. Despite the rally, the original crypto has fallen 4% over the previous week and has seen no changes in the 14-day chart.
Price Spike Incoming?
The Blockchain Group may be buying the current dip in anticipation of a price rally. BTC’s May price surge was likely due to increased institutional investments. BlackRock alone bought more than $3 billion worth of BTC for its spot ETF.
Bitcoin (BTC) may be gearing up for another bullish phase over the coming weeks. According to Binance founder Changpeng Zhao (CZ), BTC could hit somewhere between $500,000 to $1 million this cycle. CZ is not alone in this regard. Many industry experts anticipate BTC to breach the $1 million mark by the end of this decade.
Also Read: Bitcoin or S&P 500: Which Gave Higher 30-Year Returns?
According to CoinCodex analysts, BTC could experience another rally over this week. The platform anticipates the asset to hit a new peak of $138,598 on June 9. BTC’s price will face a 31.58% rally if it hits the $138,598 target. CoinCodex does not anticipate BTC’s price to hold at the $138,000 level. The platform anticipates a correction to around $113,000 by June end.
