Bitcoin Hits New Annual High and Surpasses $1.45 Trillion Market Cap
Bitcoin (BTC) and the cryptocurrency market have experienced a significant uptrend, reaching a new annual high and surpassing $1.45 trillion in market capitalization. BTC, the largest cryptocurrency, has come close to the $40,000 level with a surge in price to $38,400.
BlackRock’s Influence on BTC’s Price Surge
The recent surge in Bitcoin’s price can be attributed to several factors, including the anticipated approval of the BlackRock Bitcoin Spot ETF within the next 45 days. There is also speculation that BlackRock, as the world’s largest asset manager, may be exerting significant buying pressure on Coinbase, which is serving as their custodial partner.
Positive Market Cap Growth Benefits Other Major Cryptocurrencies
The increase in market capitalization has not only benefited Bitcoin but has also led to gains in other top cryptocurrencies within the Top 100. For example, Blur (BLUR) has seen a staggering 27% surge, Mina Protocol (MINA) gained 9%, and Bittensor (TAO) experienced a 14% increase within the last 24 hours.
Promising Price Targets for Bitcoin in Late 2025
Crypto analyst Crypto Con has unveiled Log Regression Curves that provide insights into Bitcoin’s future cycle top. According to these curves, late 2025 could see two potential price targets for Bitcoin: $130,000 and $180,000. The analyst believes that layer 6 at $130,000 is the more likely target based on historical trends and the Halving Cycles Theory.
Bitcoin Pulls Back from New Yearly High
After reaching a new yearly high, Bitcoin has experienced a slight pullback and is currently trading at $37,800.
Hot Take: Bitcoin’s Surge Continues with Potential for Further Gains
Bitcoin’s recent surge to a new annual high and its market cap surpassing $1.45 trillion indicate the potential for further gains in the cryptocurrency market. The approval of the BlackRock Bitcoin Spot ETF and speculation about BlackRock’s influence on Bitcoin’s price through Coinbase are contributing factors. Additionally, projections suggest promising price targets for Bitcoin in late 2025, with layer 6 at $130,000 being the most likely target. However, it is important to note that pullbacks can occur, as seen with Bitcoin’s recent retreat from its yearly high.
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