Below is a summary of the key events and developments related to Bitcoin in the last week.
As revealed by Arkham Intelligence data, the US government has carried out a series of significant cryptocurrency transfers, totaling $922 million in Bitcoin. These transfers come from wallets that contained funds confiscated from Bitfinex in 2016, in relation to the historic hack that impacted the crypto world at that time.
Specifically, the data shows that one of the wallets first transferred 1 BTC on Wednesday afternoon and subsequently sent 2,817 Bitcoins worth around $172.74 million to unidentified addresses.
Next, a second wallet carried out two additional transactions. The first for 0.01 Bitcoins and the second for 12,267 Bitcoins for an approximate value of $748.46 million.
Peter Brandt Raises His Bitcoin Target Price Projection to $200,000
Market expert and CEO of Factor LLC, Peter Brandt, has provided an update on his Bitcoin price prediction. He explained that the price target for the current bull market cycle ending in August/September next year has been raised from $120,000 to $200,000.
On February 26, Brandt posted the following on X:
“With the thrust above the upper boundary of the 15-month channel, the target for the current bull market cycle scheduled to end in Aug/Sep 2025 is being raised from $120,000 to $200,000. A close below last week’s low will nullify this interpretation.”
Brandt’s warning that a close below the previous week’s low would invalidate this bullish outlook underscores the volatility and uncertainty inherent in cryptocurrency markets.
Ark Invest: Bitcoin Will Rise 4,500%
Cathie Wood and her team at Ark Invest focus exclusively on disruptive technology. As one of the biggest disruptors of the last 15 years is Bitcoin, however, they believe that there is still a lot to do with the cryptocurrency.
They see several catalysts that could drive up the price of Bitcoin, the most important factor being adoption by institutional investors. Actually, Ark Invest believes that if the $250 billion in global investable assets were to allocate an optimal amount to Bitcoin, it would send the price to $2.3 million. This would be a 4,500% increase from the current price.
MicroStrategy Expands its Investment in Bitcoin: Strategic Acquisition of 3,000 BTC
Between February 15 and 25, MicroStrategy acquired another 3,000 Bitcoins valued at $155 million at an average price of $51,813. This acquisition follows promising predictions from Bloomberg analysts, who see Bitcoin ETFs potentially surpassing gold ETFs in assets under management (AUM) within the next two years.
Michael Saylor, founder and president of MicroStrategy, revealed on February 26 that the company now holds a total of 193,000 BTC, acquired for $6.09 billion, at an average price of $31,544. Saylor said he has no plans to sell the asset, which is technically superior to gold, real estate and the S&P 500.
Three Bitcoin ETFs Land on Lima Stock Exchange
The Lima Stock Exchange (BVL) opens its doors to the digital era with the inclusion of 3 new Bitcoin ETFs. Bitcoin ETFs represent a novel option for investors, simplifying the buying, selling and holding of Bitcoin. In addition, they benefit from a widely recognized structure in the management of different assets globally.
The BVL launched Bitcoin ETFs, backed by global managers such as BlackRock, VanEck and Invesco. These ETFs, called iShares Bitcoin Trust (IBIT), VanEck Bitcoin Trust (HODL) and Invesco Galaxy Bitcoin (BTCO), offer an innovative alternative for financial investors, making it easier to acquire, sell and custody Bitcoin.
By Audy Castaneda
