Bitcoin Price Nears Facebook’s $1.5 Trillion Valuation after Blackrock CEO Said This

He further emphasized that the decision over which presidential candidate wins in 2024 is unlikely to affect the long-term growth of digital assets, signaling that Bitcoin has reached a level of acceptance that transcends short-term political shifts.

BTC Hits 80-day Peak 48-hours after Larry Fink’s Bullish Comments

Larry Fink’s recent statements highlights the growing mainstream adoption of Bitcoin among institutional investors, and the maturity of the cryptocurrency sector as a unique asset class.

Within 48-hours of the Blackrock Q3 earnings call, Bitcoin’s week-long rally entered another leg-up.

The chart above shows how BTC price rose to a daily timeframe peak of $68,323 on Oct 16, and maintaining a steady support base well-above the $67,000 level at the time of writing.

Notably, Bitcoin price has now recorded a staggering 16.2% gains since the latest US CPI data release on Oct 10. More so, the $68,000 breakout on Wednesday say t Bitcoin trade at its highest in 80-days dating back to June 7, 2024.

Evidently, Larry Fink positive statements has further fueled the bullish sentiment surrounding the crypto markets this week.

Bitcoin Nearing META’s $1.5 Trillion Valuation

Bitcoin’s $68,000 breakout on Oct 16, put the pioneer crypto asset on course to close its 4th consecutive day in profit, closing in on other major global assets in terms of valuation.

At the time of writing, BTC price is trending above the $67,000 level, with its market capitalization stands at $1.34 trillion, just shy of social media giant, META’s (Facebook) valuation, which currently stands at $1.48 trillion.

This is a significant leap from Bitcoin’s earlier price of $58,783 before the release of U.S.

Consumer Price Index (CPI) data on October 10. The CPI report showed lower-than-expected inflation, fueling market optimism that the Federal Reserve would adopt a more dovish stance, and Bitcoin quickly capitalized on the sentiment.

Bitcoin’s proximity to Meta’s valuation marks a symbolic moment for the digital asset, reflecting its rapid rise from a niche cryptocurrency to a global financial asset. If Bitcoin sustains its current upward trajectory, it could soon surpass Meta’s market cap, underscoring its growth potential in an increasingly digitized financial world.

Bitcoin Price Forecast: $70k Breakout Ahead

Following a 16% gains in the last 6-days, Bitcoin technical outlook points to another imminent breakout, possibly above the $70,000 psychological barrier in the coming days.

Validating this forecast, technical indicators on the BTCUSD daily chart below shows Bitcoin steadily climbing within an ascending price channel, with support firmly established above the $67,000 level at the time of publication on Oct 16.

Currently BTC price is hovering just above the Pivot Point (P) at $66,743, acting as a key support level, while it approaches the R1 resistance level at $69,999.24. A breakout beyond this resistance could see Bitcoin testing the upper target of $71,905, indicated by the R2 level.

BTC’s recent price surge has also been fueled by increasing institutional interest, as evidenced by growing volumes across major exchanges.

The $70,000 level, which was previously a resistance point, could now act as a key breakout target. A clean break above this level would open the door for BTC to test the $75,000 range, a level that market analysts see as the next significant resistance.

However, if Bitcoin fails to break above $70,000, a short-term pullback could ensue. In that case, the immediate support lies at $67,000, with stronger support around the $64,000 level, where previous consolidation took place.

Despite the potential for short-term volatility, the overall outlook for Bitcoin remains bullish, particularly as macroeconomic conditions continue to favor risk assets.