Bitcoin (BTC) and the broader cryptocurrency market have experienced a notable uptrend, reaching a new annual peak and exceeding the $1.45 trillion mark, setting the stage for potential gains in the closing days of November.
Significantly, BTC, the dominant cryptocurrency, has accomplished a noteworthy milestone by approaching the $40,000 level, experiencing a surge to $38,400.
The recent surge is attributed to key factors, including the eagerly awaited approval of the BlackRock Bitcoin Spot exchange-traded fund (ETF) anticipated within the next 45 days. Speculation is also circulating that BlackRock itself could impact Bitcoin’s price through substantial buying pressure on Coinbase.
BlackRock’s Role in Driving BTC’s Recent Price Surge?
According to data from CoinGecko, the global cryptocurrency market cap presently sits at $1.5 trillion, showcasing a 2.05% change in the past 24 hours and an impressive 72.26% change compared to the same period last year.
This surge in market capitalization has not only propelled Bitcoin but has also contributed to gains in other major cryptocurrencies within the Top 100, including Blur (BLUR), surging by 27%, Mina Protocol (MINA) with a 9% gain, and Bittensor (TAO), experiencing a 14% upswing in the last 24 hours.
Regarding BTC’s recent climb to a new yearly high, a cryptocurrency expert known as “Crypto Rover” has shared insights into potential catalysts driving this surge. Rover suggests that the launch of the BlackRock Bitcoin Spot ETF, expected in the next 45 days, could play a significant role. The speculation is grounded in the observation that a substantial amount of Bitcoin buying pressure seems to be originating from Coinbase, the largest cryptocurrency exchange in the United States, acting as BlackRock’s custodial partner.
Promising Bitcoin Price Targets for Late 2025
Prominent crypto analyst Crypto Con has introduced what he claims to be the most accurate Log Regression Curves for Bitcoin to date. These curves offer insights into the future cycle top, a challenging aspect of Bitcoin analysis.
Projections from the curve matching technique indicate that late 2025 might witness two potential price targets for Bitcoin: $130,000, referred to as Layer 6, and Layer 7, with a target price of $180,000.
Crypto Con asserts that several models and projections support the $130,000 target, with even the most conservative estimate, Layer 5 at $94,000, appearing less likely. Based on historical trends, it is improbable that the entire red band, representing potential price ranges, would fail during this cycle, making one of the projected targets likely to be accurate.
Considering the available information, Crypto Con favors Layer 6 at $130,000 as the more plausible target for Bitcoin’s late 2025 price surge. This projection aligns with the Halving Cycles Theory, suggesting a timeframe of approximately 21 days from November 28th, 2025.
Bitcoin has experienced a recent pullback within the last hour following its attainment of a new yearly high, currently trading at $37,800.