Bitcoin (BTC<\/a>) continued toward $25,000 on the Aug. 11 Wall Street open amid news that the world’s largest asset manager had launched a BTC product.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0followed BTC\/USD as it spiked to $24,921 on Bitstamp as United States stock trading got underway.<\/p>\n While going on to consolidate slightly below the highs, the pair inspired confidence in market sentiment, with popular crypto industry figures already seeing positive implications of the BlackRock move.<\/p>\n “Here comes Wall Street…,” former Grayscale CEO, Barry Silbert, commented<\/a>.<\/p>\n For Blockware lead insights analyst William Clemente, the news was a landmark event in Bitcoin\u2019s history.<\/p>\n \u201cLast comment on the matter: Think the Blackrock news is probably the most bullish news for a long term Bitcoin holder ever,\u201d he told<\/a> his Twitter followers. <\/p>\n \u201cNot just the news itself, but that it signals to some the water is fine and to others if they don\u2019t offer their clients BTC they\u2019ll get their lunch ate.\u201d<\/p><\/blockquote>\n BlackRock\u2019s CEO, Larry Fink, had described Bitcoin just five years earlier<\/a> as an \u201cindex of money laundering.\u201d He had appeared to change his tune<\/a> by 2020, acknowledging the largest cryptocurrency\u2019s potential to become a \u201cglobal market.\u201d<\/p>\n BlackRock\u2019s offering will take the form of a spot Bitcoin private trust, it confirmed<\/a> in a statement.<\/p>\n \u201cThe trust is available to U.S. institutional clients and seeks to track the performance of bitcoin, less expenses and liabilities of the trust,” the statement reads <\/p>\n \u201cDespite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities.”<\/p><\/blockquote>\n As Cointelegraph reported<\/a>, the firm\u2019s initial foray into Bitcoin this month came via a partnership with U.S. exchange Coinbase.<\/p>\n Turning to potential short-term price targets, the mood among commentators was thus flexible if still not outright bullish.<\/p>\n Related:\u00a0Bitcoin battles 2-month resistance amid \u2018most hated\u2019 stocks rally<\/a><\/em><\/strong><\/p>\n For on-chain monitoring resource Whalemap, the potential upside and downside remained considerable, with $20,000 still not safe as a floor.<\/p>\n \u201c$BTC is breaking out of an ascending triangle on low volatility meaning we should be expecting a big move soon enough,\u201d the Whalemap team\u00a0revealed<\/a> alongside a chart showing relevant levels. <\/p>\n \u201cHolding up to the break out is the number one priority where the realistic targets would be 27\u201329k above or 19k below in case we don\u2019t hold.\u201d<\/p><\/blockquote>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-08\/49cb83a4-355b-4bce-9129-2d18eebc8b9b.png\")
Silbert on BlackRock: \u201cHere comes Wall Street”<\/h2>\n
June futures gap comes into play<\/h2>\n
![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-08\/656ea12f-d7ee-4014-b50d-fda5db3de76b.png\" "\\"\\"")
![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-08\/caff7860-d8e5-4ebf-852a-ae3063cdf66e.png\" "\\"\\"")