A Bitcoin trader is using Black Rock as a tool to bash Bitcoiners for their endless lamenting about not getting a better price point to accumulate more BTC.
Black Rock has been in the headlines ever since it announced its intention to acquire rights to operate a Bitcoin spot ETF. The multi-trillion dollar global asset management and investment fund tabled its ETF application to the SEC along with a number of other entities that include Fidelity, WisdomTree and Grayscale.
Black Rock Has Big Targets For Bitcoin Price
Apparently, Black Rock seems to have its eyes on a big future price point for Bitcoin as opposed to the people who think the current price is too big to buy. According to the company’s former managing director, the conservative price target for Bitcoin in the next few years is around $840k per piece.
The former executive sees this happening in 3 years, along with with an ETF approval within the same time frame. Needless to say, an ETF approval would likely come first if BTC were to jump that much in 3 years. Either way, the executive seems pretty bullish on Bitcoin, and there’s no telling whether he probably knows more than he lets on.
Weak Hands Will Let Go
It’s not uncommon for people to try to cash out their coins during heated moments of desperation or when they expect a downward move. As such, some might deem it smart to sell their Bitcoin stash and keep the funds in stables as they wait for a better buying opportunity. When they sell, Black Rock exploits the opportunity to accumulate more BTC stash.
However, sometimes this expected downward move doesn’t happen. The price goes up and those who sold are then forced to buy at higher prices or not buy again at all. These are what hodlers call “weak hands.” They end up losing their stash and coin value while chasing lower prices or running from FUD.
It’s A Great Opportunity
For some time, Bitcoin price has been stuck between $26k and $27k. Many expected a possible bearish move to sub-$25k or even sub-$20k. Interestingly, this has failed to happen. Bitcoin has breached the macro trend to surge upwards to the $28k level. As explained above, those who sold at $26k waiting to re-buy at $20k will now have to buy at $28k or more.
This makes both the previous $26k – $27k level as well as the current $28k level great buying opportunities as bulls push forward. Given the already mentioned $1 million target, it’s expected that the likes of Black Rock would continue to accumulate despite the increase in price.
