The world's largest asset manager, BlackRock, accumulated more than $1 billion of inflows to its Bitcoin exchange-traded fund (ETF)
Top Stories of The Week
Top crypto stories this week included Donald Trump being elected U.S. president for a second time and crypto traders celebrating the news. Also making headlines was Michigan’s state pension fund adding exposure to Ether ETFs and the State Bank of Pakistan moving to legalize digital assets. Finally, an analysis of Bitcoin price action suggested a rally to $110,000 could be incoming.
Bitcoin price rally to $110K ‘incoming’ after positive Coinbase premium, Trump victory — Analyst
After rallying 7.23% in a single four-hour candle, Bitcoin reached an all-time high of $75,358. The bullish momentum accompanied the lead-up to Donald Trump’s United States presidential election victory on Nov. 5.
With the U.S. elections concluding with a “pro-crypto” president on deck, one crypto analyst reiterated a Bitcoin price target above $100,000 in the coming weeks.
A few hours after the U.S. election results, Titan of Crypto, a pseudonymous independent trader, highlighted a long-term cup-and-handle pattern for Bitcoin, which is currently undergoing a successful bullish breakout.
A cup-and-handle pattern has a high success rate of 95% during bullish market conditions, and it can yield an average profit of 54% from the breakout range.
In line with that, the trader mentioned that the “incoming” price target for BTC is $110,000, a 47% return on investment (ROI) of the current breakout price range of $75,000.
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