Now is the best buying opportunity for Bitcoin and Ethereum
- BlackRock’s Bitcoin accumulation signals an ideal entry point for market players.
- New calculations highlight a possible bullish market for Bitcoin in the near term.
Blackrock, a global investment provider, advisory and risk management solutions firm, is reportedly looking to pile up its Bitcoin holdings.
As noted by popular cryptocurrency advocate David Gokhshtein, BlackRock is not only back to buying Bitcoin, but also securing more Ethereum (ETH).
The downside to this move, as Gokhshtein reveals, is that market players may have to hedge both assets at a higher price, as the current market sentiment is bearish, prompting key players to exit en masse.
His tweet indicates his bullish stance on the aforementioned cryptocurrency assets. In addition, BlackRock’s crypto acquisition may mean that other securities firms and institutional players also secure more Bitcoin (BTC) and Ethereum (ETH).
However, the broader cryptocurrency market is largely bullish on Bitcoin, with analyst Michaël Van De Poppe predicting that Bitcoin is looking to use $17,000.
Although several eyes are focused on $16,500, as a possible new high for BTC, the analyst insists that the big bull has the capacity to regain previous support at $16,900.
#Bitcoin still consolidating below support here.
Everyone is focusing on $16.5K for a potential long run, but I think we can regain the previous support today for support again ($16.9K). pic.twitter.com/v33kjtwTSV
— Michaël van de Poppe (@CryptoMichNL) 8 December 2022
On the other hand, DaanCrypto, another notable analyst, predicts a more sideways movement for Bitcoin, stressing that the expected ups and downs are only temporary.
Explains where he sees Bitcoin headed. In a tweet, he explained:
BTC is in a very tight range here with tons of untapped highs and lows. I think all these levels will be taken out and that the first move will probably be a fakeout only to go back and take the other side. Would definitely be a classic Bitcoin move.
Bitcoin accumulation is increasing, signaling a possible cycle bottom
Meanwhile, new market metrics indicate that accumulation for bitcoin has re-emerged, for the first time since the bears entered the market this year.
As reported by CryptoQuant, “the percentage of UTXO volume estimated to have been purchased 1 week to 1 month increased sharply for the first time in this bear market.” Historically, the same pattern has been spotted twice during a bear market.
Analyst Dan Lim reckoned that while the bull markets did not pick up immediately, the pattern of movement that emerged was “the bottom from a cycle perspective.”
At the time of this report, Bitcoin is green, with jeans from the last 24 hours. With a price of $16,841, the last 1 hour shows a bullish recovery that could build enough momentum to push Bitcoin to $6,900 or higher.
The next 24 hours are extremely crucial for Bitcoin and other altcoins, which also happen to be doing a mild turnaround.
