Now is the best buying opportunity for Bitcoin and Ethereum

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The accumulation of BlackRocks Bitcoin signals an ideal entry point for market participants. New metrics point to a possible bull market for Bitcoin in the near term.

Blackrock, a global investment, advisory and risk management solutions provider, is reportedly looking to pile up its Bitcoin holdings.

As noted by popular cryptocurrency proponent David Gokhshtein, BlackRock has not only returned to buying Bitcoin, but also securing more Ethereum (ETH).

The downside of this move, as revealed by Gokhshtein, is that market participants might have to secure both assets at a higher price, given that the current market sentiment is bearish and has caused major players to collectively exit.

His tweet indicates his bullish stance on the aforementioned cryptocurrency assets. Additionally, the BlackRocks crypto acquisition could imply other investment firms and institutional players also securing more Bitcoin (BTC) and Ethereum (ETH).

However, the broader cryptocurrency market is largely bullish for Bitcoin, with analyst Michal Van De Poppe predicting that Bitcoin is looking to mine $17,000.

Although more and more eyes are focused on $16,500, as a possible new high for BTC, the analyst insists that the big bull has the ability to reclaim previous support at $16,900.

#Bitcoin is still consolidating below support here.

Everyone is focusing on $16.5000 for potential duration, but I think we could recover previous support today for new support ($16.9000). pic.twitter.com/v33kjtwTSV

— Michal van de Poppe (@CryptoMichNL) December 8, 2022

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On the other hand, DaanCrypto, another notable analyst, predicts a more sideways movement for Bitcoin, pointing out that the predicted ups and downs are only temporary.

Explaining where he sees Bitcoin heading. In a tweet, he explained:

BTC is in a very tight range here with tons of untapped highs and lows. I think all of those levels will be removed and the initial move will likely become a fakeout only to go back and take the other side. Would definitely be a classic Bitcoin move.

Bitcoin Accumulation Rises, Signaling a Possible Cycle Bottom

Meanwhile, new market metrics indicate bitcoin accumulation has resurfaced, for the first time since the bears hit the market this year.

As reported by CryptoQuant, the percentage of UTXO volume estimated to have been bought 1 week to 1 month has risen sharply for the first time in this bear market. Historically, the same pattern has been spotted twice during a bear market.

Analyst Dan Lim, believed that while the bull markets did not resume immediately, the pattern of movement that emerged was the lowest from a cycle perspective.

At the time of this report, Bitcoin is green, with a 24-hour jean. Sitting at a price of $16,841, the latest hour shows a bullish recovery that could build enough momentum to push Bitcoin to $6,900 or higher.

The next 24 hours are extremely crucial for Bitcoin and other altcoins, which are also making a slight turnaround.

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