According to the data from Farside Investors, BlackRock’s IBIT Bitcoin (BTC) ETF purchased $643.2 million worth of BTC on Apr. 23. The world’s largest asset manager had previously purchased $193.5 million worth of the asset on Apr. 22, and $41.6 million worth on Apr. 21. The firm bought a total of $878.3 million worth of BTC in just three days.

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Bitcoin Surges Amid BlackRock’s Buying Spree

BlackRock’s recent purchases may have helped BTC breach the $90,000 mark. The asset has reclaimed the $92,000 price point for the first time since early March. Bitcoin (BTC) has faced a 1.3% correction in the daily charts but is green in the other time frames. The original crypto has rallied 9.5% in the weekly charts, 12.6% in the 14-day charts, 6.7% over the previous month, and 38.5% since April 2024.

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Other bullish developments may have also aided BTC’s latest rally. The appointment of Paul Atkins as the new SEC head has led to a rise in investor confidence. Atkins is a supporter of BTC and the crypto industry. Ousted SEC head Gary Gensler was often viewed as a villain by the crypto community.

Will The Asset Reclaim $100,000 Next?

CoinCodex anticipates Bitcoin (BTC) to continue its bullish trajectory over the next few days. The platform predicts BTC to hit a new all-time high of $131,019 on May 3. The asset’s price will rally by 41.74% if it hits the $131,019 target. CoinCodex does not expect BTC’s price to hold above $130,000. The platform anticipates a correction to $102,747 on June 1.

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There are still a lot of obstacles to the crypto market. Global macroeconomic headwinds may present considerable challenges to Bitcoin’s (BTC) rally. There is a possibility the asset may not rise as predicted by CoinCodex.