In a recent YouTube video, analyst CryptosRUs hinted at Bitcoin’s bullish rally to $140,000 in just 18 days. The crypto researcher based his analysis on Michael Saylor’s recent purchase of Bitcoins and the temporary drop in VanEck’s Bitcoin ETF HODL.
#Bitcoin To $140,000 in 18 Days? Why There is a Chance… https://t.co/ghH8XGxLqC
— CryptosRus (@CryptosR_Us) March 12, 2024
Bitcoin has been riding on a positive track since the launch of Spot Bitcoin ETFs, despite significant fluctuations. The cryptocurrency, currently trading at $71,634, has hit new all-time highs, surging past the previous high of $69,044. Over the past week, Bitcoin has shown a notable 6.55% surge, with over a 4% uptick in the last 24 hours.
In a recent turn of events, Saylor’s MicroStrategy accumulated 12,600 BTC worth $842 million, bringing its total Bitcoin portfolio to 193,000 BTCs. Last month, the company bought 3000 Bitcoins at an average price of $51,813 per coin, totaling $155 million.
Bitcoin’s bullish ascendance is further bolstered by investment manager VanEck’s recent decision to cut its Bitcoin ETF’s management fees to zero until March 31, 2025. As asserted by VanEck in a recent X post, their decision is driven by their bullish perspectives of Bitcoin.
IMPORTANT UPDATE!
Because we believe in #bitcoin so much, starting tomorrow, you can invest in VanEck Bitcoin Trust (HODL) with no fees until March 31st, 2025.*
*During the period commencing on March 12, 2024, and ending on March 31, 2025, the Sponsor will waive the entire…
— VanEck (@vaneck_us) March 11, 2024
Another prominent figure known on X as Pio reiterated his previous predictions regarding Bitcoin’s bullish surge to $140k. Six months ago, Pio predicted that Bitcoin would reach $140k in 18 months. There is also anticipation that Bitcoin could reach an astounding $170k in the near future.
Bitcoin ETFs’ increasing acceptance and anticipation of the upcoming Bitcoin halving also contribute to the prevailing optimism surrounding Bitcoin. The positive impact of Bitcoin Halving is not restricted to Bitcoin, but the community expects a larger impact on altcoins such as XRP and SOL.
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