Bitcoin is on a tear – it’s trading at $109,600 following a 3.8% surge today.
And as excitement builds, new meme coin BTC Bull Token is preparing to list on exchanges after raising over $7 million.lion in its presale. Could this be the best crypto presale to buy now?
Bitcoin Institutional Demand Fueled by Price Outpacing S&P 500
Bitcoin’s upward trajectory is buoyed by institutional interest, with sophisticated investors purchasing Bitcoin directly through ETFs and indirectly via Bitcoin-related stocks.
ETF analyst Eric Balchunas highlighted how BlackRock’s Bitcoin ETF $IBIT has just broken new ground as the fastest-ever to reach $70 billion in assets under management (AUM), achieving the feat in 341 days. He notes that this is five times faster than the previous record holder, GLD, which achieved it in 1,691 days.
Balchunas highlighted Bitcoin’s significant gains since BlackRock first filed for the Bitcoin ETF in June 2023 as a key driver of its strong demand.
“When BlackRock filed for IBIT, the price was $30k, and the stench of FTX was still in the air. It’s now $110k (a return that is 7x that of the mighty S&P 500) and is now seen as legitimate for other big investors,” he wrote.
Meanwhile, renowned Bitcoin-focused technology firms, such as Strategy and MetaPlanet, have both deepened their Bitcoin stockpiles this week. MetaPlanet’s stock exploded 11.86% in the past week after the firm unveiled plans to raise $5.4 billion through new stock offerings to acquire 210,000 Bitcoin by 2027.
MetaPlanet also purchased 1,088 bitcoins last week for $117.5 million, taking its total holdings to 8,888 $BTC.
Meanwhile, Strategy invested $110 million between 2 and 8 June to acquire 1,045 more $BTC, lifting its total holdings to 582,000 $BTC.
Analyst Forecasts $140K Bitcoin as ATH Approaches
At $109,600, Bitcoin is just $2,100 away from creating a new record-high price. However, some optimistic analysts believe it’ll blast past this level with ease.
Prominent crypto investor Jelle notes that Bitcoin is trading inside a “Major head & shoulders pattern” and believes that it’s “nearing completion.”
According to the analyst, a break above its current all-time high (ATH) could skyrocket $BTC to between $140 and $150K.
Adding to the excitement, analyst Crypto Michael noted that Bitcoin has been trading under an ascending trendline resistance level for eight years. He suggests that it will soon break this level, and when that happens, “It will ignite a FOMO rally of unprecedented proportions,” and that investors “will witness the true meaning of a digital gold rush.”
He didn’t say how far he thinks Bitcoin could go, but there’s no doubt that Jelle’s $140K – $150K target is within mind considering his powerful words.
Right now, Bitcoin investors are ecstatic. The world’s wealthiest institutions are racing to accumulate more $BTC, and the price is verging on a historic breakout.
An explosive rally into price discovery appears imminent..
However, seasoned investors are well aware that during bullish periods, Bitcoin doesn’t provide the biggest gains. Rather, smaller cryptocurrencies with a strong product-market fit and active communities do. This is primarily due to their lower valuations, leaving substantially more room for growth.
As Bitcoin’s liquidity rises, traders take profits and rotate into altcoins that could yield bigger gains.
In that regard, BTC Bull Token is currently in an exciting spot. It’s a Bitcoin-themed meme coin currently undergoing a presale. It has raised $7 million so far, but experts believe its price could 100x after listing on exchanges.
New Meme Coin BTC Bull Token Pays Holders Free Bitcoin
BTC Bull Token is a Bitcoin-themed meme coin. But it’s not just here to make people laugh; it’s here to boost Bitcoin ownership amongst everyday people.
Imagine a meme coin that airdrops its community real Bitcoin rewards every time Bitcoin hits a new milestone. Not only that, but it also offers native token rewards passively. That’s BTC Bull Token.
The project will track Bitcoin’s price and run airdrops at key milestones. The first will occur when it reaches $150,000, and the next at $200,000. There will also be a $BTCBULL airdrop when the price reaches $250,000.
Most meme coins rely on hype to garner attention. But BTC Bull Token’s visibility will rise alongside Bitcoin’s price. It’s a setup that positions $BTCBULL for global recognition.
Users can also lock up their $BTCBULL in the project’s staking contract and currently earn a 58% APY.
BTC Bull Token offers a viral meme coin allure and multiple ways to earn. So it’s not surprising top analysts are taking notice. For instance, Umar Khan from 99Bitcoins recently said the $BTCBULL price could 100x after listing on exchanges.
As the first-ever cryptocurrency to pay its holders Bitcoin rewards, BTC Bull Token is primed for substantial adoption as word spreads.
However, its presale will end in just 20 days, so those hoping to get in at a fixed and discounted price must act quickly.
This article is for informational purposes only and does not provide financial advice. Cryptocurrencies are highly volatile, and the market can be unpredictable. Always perform thorough research before making any cryptocurrency-related decisions.