bitcoin (btc) and the cryptocurrency market have seen a significant uptrendreaching a new yearly high and surpassing $1.45 trillion, paving the way for potential gains in the final days of November.
Notably, btc, the largest cryptocurrency on the market, has achieved a notable milestone, approaching the $40,000 level with a price increase to $38,400.
The catalysts behind this recent surge include the early acceptance of BlackRock bitcoin. Spot Exchange Traded Fund (ETF) within the next 45 days and speculation that BlackRock itself may influence the price of bitcoin through significant buying pressure on Coinbase.
Is BlackRock Driving Recent btc Price Surge?
According According to CoinGecko, the global cryptocurrency market capitalization currently stands at $1.5 trillion, reflecting a 2.05% change in the last 24 hours and an impressive 72.26% change compared to the same period. from last year.
This increase in market capitalization has not only boosted bitcoin but has also contributed to the gains in other major cryptocurrencies within the Top 100, such as Blur (BLUR), which skyrocketed a staggering 27%, Mina Protocol (MINA), which gained 9%, and Bittensor (TAO), which has seen a 14% increase in the last 24 hours, to name a few.
Regarding the recent rise of btc to a new yearly high, the crypto expert known by the pseudonym “crypto Rover” has shed light on the possible catalysts driving the recent surge. According to Rover, the launch of the BlackRock bitcoin Spot ETF is expected to occur in the next 45 days.
In this sense, Rover analysis suggests that BlackRock, the world’s largest asset manager, may play a role in bitcoin‘s recent surge. The speculation is based on the observation that a significant amount of bitcoin buying pressure appears to be coming from Coinbase, the largest cryptocurrency exchange in the United States, with the platform acting as a custodian partner for BlackRock.
Promising bitcoin Price Targets for Late 2025
Renowned crypto analyst crypto Con has revealed what he claims are the most accurate log regression curves for bitcoin to date. These curves have provided insight into the future cycle high, an elusive aspect of bitcoin analysis.
According According to projections derived from the curve matching technique, two possible target prices for bitcoin could be seen by the end of 2025: $130,000, called Layer 6, and Layer 7, with a target price of $180,000.
The analyst says various models and projections support the $130,000 target, which increases its credibility. According to crypto Con, even the most conservative estimate, known as Layer 5 at $94,000, seems less likely.
Based on historical trends, it is unlikely that the entire red band, which represents potential price ranges, would fail during this cycle. Therefore, one of the projected objectives is expected to be accurate.
Based on available information, crypto Con favors layer 6 at $130,000 as the most likely target for bitcoin‘s price rise by the end of 2025. This projection aligns with the theory of halving cycles, suggesting a time period of approximately 21 days starting November 28, 2025.
bitcoin has seen a recent pullback in the last hour after reaching a new yearly high. As of now, it is trading at $37,800.
Featured image from Shutterstock, chart from TradingView.com