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Bitcoin Eyes $42K Surge as BlackRock’s iShares Products Head Sees ETF Impact

Bitcoin aims for a $42K surge with BlackRock's successful ETF launch, backed by 16,361 BTC holdings, as a potential rally looms.

Published by

Kelvin Munene Murithi

Published 24 Jan, 2024 | 05:51:07 PM UTC

Bitcoin Eyes $42K Surge as BlackRock’s iShares Products Head Sees ETF Impact

BlackRock recently unveiled its highly anticipated IBIT spot Bitcoin exchange-traded fund (ETF), marking a significant milestone in integrating cryptocurrencies into mainstream finance.

Rachel Aguirre, the U.S. Head of BlackRock’s iShares Products, shared in an interview with Yahoo Finance the remarkable success this ETF has achieved shortly after its launch. The IBIT, just within its initial two weeks of trading, experienced a soaring trading volume, reaching $3 billion, a testament to its immediate market impact.

Surge in Investor Interest

The launch of the IBIT ETF has been a success in terms of trading volume and attracting substantial investor interest. The fund amassed over $1.6 billion in inflows, highlighting the growing appetite among investors for cryptocurrency-related products.

Aguirre emphasized BlackRock’s commitment to providing easy access to Bitcoin, and the IBIT ETF stands as a prime example of this strategy. BlackRock backs the ETF with a significant holding of 16,361 BTC, further underlining its confidence in the cryptocurrency market.

Resilience of Bitcoin

Concurrently, Bitcoin (BTC) has shown remarkable resilience. The market has stabilized BTC prices since the launch of U.S.-based Bitcoin ETFs, including BlackRock’s IBIT. The cryptocurrency recently witnessed a slight uptick, momentarily touching $40,527. This performance aligns with a potential bullish pattern on Bitcoin’s charts, suggesting a rally to $42,000, provided current trends continue.

The cryptocurrency market underwent a speculative surge leading up to the approval of Bitcoin ETFs, followed by a slight downturn, a common ‘sell-the-news’ event. However, this recent decrease of around 20% from the high of $49,021 is relatively modest compared to past corrections, indicating a growing maturity and stability in the Bitcoin market.

BTC/USD Potential Trend

Applying Elliott’s wave theory, market analysts suggest that Bitcoin could find a stable base in the $36,000 to $38,000 range, setting the stage for a potential future surge. This theory, coupled with historical data, suggests that price declines in Bitcoin are often followed by notable upward trends, presenting potential opportunities for investors.

Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Published by

Kelvin Munene Murithi

Published 24 Jan, 2024 | 05:51:07 PM

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