Bitcoin price prediction – BlackRock’s $700,000 target meets CryptoQuant’s reality check
The post Bitcoin price prediction – BlackRock’s $700,000 target meets CryptoQuant’s reality check appeared on BitcoinEthereumNews.com.
Has Bitcoin price prediction turned a corner, with real on-chain movement toward $175,000 — or are we skipping steps by already entertaining BlackRock’s $700,000 thesis? BTC nears $98K as bullish momentum reignites After weeks of sideways movement, Bitcoin (BTC) nearly touched $98,000 on May 2, reaching a high of $97,905. As of this writing, BTC is trading around $97,650, slightly below its peak but still holding most of its recent gains. BTC price chart | Source: crypto.news From a historical standpoint, Bitcoin has recovered more than 24% from its February low of $78,200 and more than 30% from the early April dip near $75,000. The rally places Bitcoin at its highest level in over two months and points to a potential reversal of the decline triggered by February’s macroeconomic turbulence. Much of that weakness had stemmed from policy-related jitters, particularly after President Trump’s trade-centric statements unsettled parts of the market. One key development supporting the rebound is aggressive buying by treasury-focused companies. In the U.S., Strategy added to its Bitcoin reserves on Apr. 28 with a fresh purchase worth $1.4 billion. According to its latest press release, the firm now holds 553,555 BTC, acquired at a total cost of $37.90 billion with an average purchase price of around $68,459 per coin. With Bitcoin now trading near $97,000, Strategy’s holdings are comfortably in profit, translating to a year-to-date unrealized gain of roughly $5.8 billion. Meanwhile in Asia, Japanese firm Metaplanet is quietly building its own treasury strategy, modeled loosely on companies like Strategy. On May 2, the company issued another ¥3.6 billion in bonds, which is roughly $23 million in U.S. dollar terms. This was its 12th bond issuance, and the capital is being used to expand its Bitcoin holdings. Metaplanet has already surpassed the 5,000 BTC mark and has publicly…
Filed under: News - @ May 2, 2025 7:22 pm