Bitcoin has hit a fresh all-time high, rocketing higher after traders braced for a BlackRock exchange-traded fund (ETF) price shock.
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The bitcoin price surged to just over $94,000 per bitcoin, up 150% since this time last year, after BlackRock’s spot bitcoin ETF recorded “unheard” volumes in its first day of options trading and Tesla billionaire Elon Musk issued a surprise crypto endorsement.
Now, as a top Federal Reserve official suddenly flips on bitcoin, analysts have predicted a bitcoin price “tipping point” could be about to send bitcoin to $200,000.
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ForbesIt’s ‘Unsustainable’—Tesla CEO Elon Musk Issues Serious U.S. ‘Bankruptcy’ Warning As Bitcoin And Dogecoin Fuel $3 Trillion Price BoomBy Billy Bambrough
BlackRock, the world’s largest asset manager, has helped the bitcoin price surge this year.
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“Final tally of IBIT’s first day of options is just shy of $1.9 billion in notional exposure traded via 354,000 contracts,” Bloomberg Intelligence analyst James Seyffart posted to X. “These options were almost certainly part of the move to the new bitcoin all-time highs today.”
Bitcoin spot ETFs have surged to become some of the fastest-growing ETFs of all-time following their January debut, led by BlackRock’s $42 billion bitcoin fund.
Fellow Bloomberg Intelligence analyst Eric Balchunas added that “$1.9 billion is unheard of” for the a first day of trading after earlier telling Yahoo Finance a bitcoin could be on the verge of a price “tipping point.”
“There could come a point where advisers decide ‘I should have it to avoid getting fired’ versus ‘I don’t want to buy it and get my client mad for having some dumb bitcoin ETF,'” Balchunas said, predicting a “tipping point” could trigger a new wave of mainstream crypto adoption.
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Forbes‘Huge Things Coming’—Bitcoin Suddenly Explodes As Secret ‘Nation-State’ Adoption Mystery Rumors Fuel A Crypto Price BoomBy Billy Bambrough
The bitcoin price has shot higher this year, helped by BlackRock’s huge bitcoin fund that’s become … [+] one of the fastest growing exchange-traded funds (ETFs) ever.
Forbes Digital Assets
This tipping point could propel the bitcoin price to $200,000 in 2025, according to analysts with the brokerage Bernstein.
“We are entering a stage, where we expect intrigue will turn to pain for the bitcoin bears,” analysts led by Gautam Chhugani said in a Monday note to clients seen by The Block. “Bitcoin to $100,000 seems around the corner and our $200,000 bitcoin target [by the end of] 2025 now looks not as delusional.”
