Bitcoin has entered a consolidation period after hitting a new high of $93,500, and BlackRock’s BTC holdings have attracted attention. The launch of BlackRock’s Bitcoin ETF options is expected to accelerate BTC’s price rally. As Bitcoin heads toward the $100,000 target, market risks and opportunities remain on investors’ radars.
Bitcoin recently reached a new all-time high (ATH) of $93,500 before consolidating around $91,000. The bears’ failure to suppress gains due to low trading volumes is a sign that a new rally is imminent. BlackRock’s BTC holdings have increased significantly since the launch of its Bitcoin ETF, reaching 472,000. More volatility is expected in BTC prices as BlackRock’s ETF options become active in the next 24 hours.
BlackRock’s iShares Bitcoin Trust (iBIT) has over $43 billion in assets under management and ETF trading volumes have seen a significant increase following the US election results. While the introduction of spot BTC ETF options is seen as a positive development for the cryptocurrency market, some analysts point to the risk of Bitcoin becoming more centralized. The increased involvement of traditional financial institutions in the BTC market raises the possibility of large banks and other major players manipulating prices. This could increase the risk of manipulation, which could lead to massive liquidations and weakening of Bitcoin’s decentralized structure.
In the current situation, although the selling pressure on the BTC price has increased, the buying pressure still prevails and there are strong signals that the bullish scenario continues. For this reason, the expectation that Bitcoin will reach $ 100,000 in November remains on the agenda of investors. Despite short-term fluctuations and pullbacks, it seems that the uptrend is becoming more pronounced in the long term. BTC has gained strong upward momentum after recovering from low levels, showing that the bulls are still active in the market. This indicates that a potential rally is imminent. The price remaining above the bull market support levels is an important technical indicator that the uptrend is continuing.
Moreover, the Relative Strength Index (RSI) has not yet reached the overbought territory, which is a sign that the current rally could continue for a longer period of time.
However, if Bitcoin reaches $100,000, there may be high volatility and potential pullbacks on the market. With the entry of large investors into the market, price movements need to be monitored more carefully. However, the successful continuation of the BTC price rally will be possible if investors remain strongly in the market. Bitcoin continues to attract investor attention with a strong bull market outlook. With the entry of new ETFs into the market, price movements are expected to accelerate further. However, market dynamics present risks that should be considered as well as opportunities.
