Summary
⚈ Bitcoin’s network activity hit a six-month high with rising investor engagement indicators.
⚈ Standard Chartered predicts BTC could reach $200,000 by year-end amid bullish sentiment.
The world’s largest asset manager, BlackRock, has added more than 40,000 Bitcoins (BTC) to its BTC exchange-traded fund (ETF), the iShares Bitcoin Trust ETF (IBIT).
More exactly, the multinational investment company has bought 41,452 BTC, worth roughly $3.92 billion, per findings from crypto on-chain analytics platform Lookonchain shared through a May 6 X post.
BlackRock’s purchases have established a strong level of institutional demand at sub-$90,000 levels. At press time, Bitcoin was trading at $94,240, having marked a 0.31% decline on the daily chart that has brought year-to-date (YTD) returns down to 0.79%.
BlackRock Bitcoin ETF inflows reflect broader bullish trend
While the leading cryptocurrency might not have breached the $100,000 threshold, numerous signs indicate that another retest of that psychologically important level is likely in the cards.
For one, Bitcoin’s network activity has risen to a six-month high, with 925,914 unique active addresses as of early May, reflecting a healthy dose of investor engagement.
In addition, a recently spotted bullish moving average convergence/divergence cross could signal the start of a rally to $150,000.
Moreover, the proportion of BTC being held at a loss has shrunk significantly — a fact that serves to further weaken sell pressure. Lastly, institutional investors remain quite bullish — Standard Chartered is now forecasting that the digital asset could reach a price of $200,000 by the end of the year, which would equate to a 112.22% rally.
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