Bitcoin Price Oscillation

In recent months, Bitcoin's price has oscillated between $63,000 and $70,000. A recent resistance level of around $71,700 has proven difficult for Bitcoin to break through.

However, various signals indicate strong market confidence in Bitcoin's medium-to-long-term prospects, suggesting that the current phase is merely a consolidation period.

BlackRock's Strategic Move

BlackRock has recently increased its holdings in Bitcoin ETFs. On June 5, BlackRock added 3,894 Bitcoins to its portfolio, worth about $276.19 million.

This acquisition brings BlackRock's total Bitcoin holdings to 295,457 Bitcoins, valued at an estimated $20.95 billion. This implies a strong pattern of institutional confidence in Bitcoin's potential as an investment.

There could be several reasons for BlackRock's move. Bitcoin is now increasingly seen as a way to protect against inflation. As traditional currencies lose purchasing power due to inflation, Bitcoin's fixed supply makes it an attractive option for preserving value.

Positive regulatory changes are also making Bitcoin an attractive option for most investors. More precise guidelines and supportive policies reduce uncertainties and encourage more investors to enter the market.

BlackRock's increase in Bitcoin ETF holdings could impact Bitcoin's price.

Market Impact and Predictions

Firstly, it signals to the market that a significant institutional player is bullish on Bitcoin, which could instill confidence in other investors and increase demand for Bitcoin.

This increased demand could drive up the price of Bitcoin. Secondly, BlackRock's actions could also lead to a supply-demand imbalance in the Bitcoin market. If BlackRock continues accumulating Bitcoin without selling, it reduces the available supply in the market, which could drive up prices due to scarcity.

Another signal is from the Bitcoin call options, which will expire in June and have exceeded $74,000, leading to increased buying activity. According to QCP Capital analysts, their desk observed robust bullish follow-through, accompanied by substantial bitcoin option call purchases for June expiries.

Recent options data also showed a concentration of open interest in Bitcoin options for $75,000 for the end of June. This leads to speculation that many investors are betting the Bitcoin price will rise by at least $74,000 before July.

Expert Opinions

Other than the above, some professionals also set a high target for Bitcoin. Robert Kiyosaki, the author of "Rich Dad Poor Dad," reaffirmed his prediction that Bitcoin would reach $350,000 by August 2024.

He stated that President Biden, Treasury Secretary Yellen, and Fed Chair Powell's incompetence will drive the crypto market. However, he clarified that this is a prediction and speculation: "BITCOIN will be $350,000 by August 25, 2024 is not a lie. It's a prediction. It's speculation, an opinion, but it's not a lie."

It seems optimistic. Considering the current trading rate of Bitcoin, the price of Bitcoin must increase by 400% in less than three months to reach $350,000 by August 25, which is quite unlikely.

However, he is not the only optimist. Standard Chartered Bank analysts believe that Bitcoin will not just reach $74,000 but could double to over $150,000 soon after if Donald Trump wins the election.

Over recent months, Trump has expressed support for crypto as he plans to make the U.S. an innovation hub. We expect him to introduce more crypto-friendly policies to boost the crypto market and BTC and promote further investment and development.

But what if the former president can't get back in his seat? That would be another story.

For more detailed insights on Bitcoin's price changes and market trends, you can visit CoinEx.