There has been a notable upswing in Bitcoin (BTC) and the cryptocurrency market, with the former reaching a new yearly high and the latter topping $1.45 trillion. This should bode well for more gains in the month of November's closing days.
With its recent price increase over $38,400, Bitcoin (BTC), the market's biggest cryptocurrency, has reached a significant milestone.
BlackRock Bitcoin Spot ETF is expected to be approved within the next 45 days, and there is concern that BlackRock may impact Bitcoin's price by exerting substantial purchasing pressure on Coinbase.
CoinGecko reports that the total market capitalization of all cryptocurrencies is $1.5 trillion, up 2.05% in the previous 24 hours and 72.26% year over year.
Other major cryptocurrencies within the Top 100 have also benefited from this increase in market capitalization, including Blur (BLUR), which has increased by an astounding 27%, Mina Protocol (MINA), which has increased by 9%, and Bittensor (TAO), which has increased by 14%, just to name a few.
Regarding the recent spike of BTC to a new annual high, crypto specialist identified by the alias "Crypto Rover" has given light on likely triggers causing the current increase. Rover estimates that within 45 days, BlackRock will release its Bitcoin Spot ETF.
With this in mind, Rover's research indicates that the biggest asset manager in the world, BlackRock, may have had some hand in Bitcoin's recent spike. The suspicion stems from the fact that Coinbase, the biggest cryptocurrency exchange in the United States and BlackRock's custodial partner, looks to be the source of a significant portion of the purchasing pressure on Bitcoin.
Positive Bitcoin Price Predictions Through 2025
The most accurate Log Regression Curves for Bitcoin, according to renowned crypto analyst Crypto Con, have been released. These curves have offered insights into the next cycle top, a difficult component of Bitcoin study.
It has been estimated using the curve-matching method that Bitcoin's price might reach either $130,000 (Layer 6) or $180,000 (Layer 7) by the end of 2025.
The analyst claims that the $130,000 goal is credible since it is supported by a number of models and estimates. Layer 5, the most cautious estimate, comes in at $94,000, although even this number seems low after Crypto Con.
It seems unlikely that the whole red band of possible price ranges would collapse during this cycle, based on previous tendencies. Therefore, at least one of the predicted goals is likely to be achieved.
Crypto Con believes that a price of $130,000 for Bitcoin in late 2025 is the most plausible outcome, based on the data at hand. The Halving Cycles Theory is consistent with this forecast, which places the date at about 21 days after November 28, 2025.
