Bitcoin prices have reached an all-time high, skyrocketing by 150% since last year’s figures. The surge comes after a surprise endorsement from Tesla billionaire Elon Musk and the successful launch of BlackRock’s spot bitcoin exchange-traded fund (ETF). The fund recorded “unheard” volumes in its first day of options trading, with notional exposure traded via 354,000 contracts totaling $1.9 billion.
Analysts predict that this sudden increase could be a “tipping point” for mainstream crypto adoption. Bloomberg Intelligence analyst James Seyffart attributed the move to the new bitcoin all-time highs to the options trading activity. Fellow analyst Eric Balchunas warned that advisers may soon face pressure to invest in bitcoin, fearing loss of credibility.
According to Bernstein analysts, this tipping point could propel the bitcoin price to $200,000 by 2025, with a possible target of $100,000 in the near future. As the market continues to grow, experts expect a new wave of mainstream adoption to follow.
Source: https://www.forbes.com/sites/digital-assets/2024/11/20/surprise-blackrock-tipping-point-predicted-to-send-bitcoin-price-to-200000