BlackRock Buys $142 Million Worth of Bitcoin as Analyst Marks Double Bottom BTC Formation

• BlackRock buys $142 million worth of Bitcoin.

• Analyst marks a double bottom formation on the BTC price chart.

• The price of BTC could drop once more before an explosive price rally.

With the prices of crypto assets falling, especially for the pioneer crypto asset, Bitcoin (BTC), where the drop in price is large and dramatic, this dip has opened an opportunity for accumulators to buy the asset at discounted prices. To highlight, BlackRock buys $142 million worth of Bitcoin as another analyst marks a bullish double bottom formation on the BTC price chart.

BlackRock Buys $142 Million Worth of Bitcoin

According to CoinMarketCap analytics, the price of the pioneer crypto asset, Bitcoin (BTC), fell as far as the $74,000 price range and is currently trading in the $78,000 price range while boasting a total market cap of $1,571,004,447,703.45 and a 24-hour trading volume of $57,546,571,852.56. This drop means that the asset needs to pump over 38% to set a new ATH price, a feat that a few bullish analysts still expect.

On the other hand, the bearish outlook from several bearish analysts leads traders to beelive that the price of BTC could dip even further until it trades at a low point between the $54,000 and $44,000 price range. This could be where BTC bottoms and marks the thick of the bear market for the upcoming cycle. However, others believe that a recovery valley could still play out and possibly mark a new ATH price.

💥BREAKING:

Blackrock buys $142M worth of Bitcoin. pic.twitter.com/btgvGq95IM

— Crypto Rover (@cryptorover) February 3, 2026

According to bullish analysts, the price of BTC could surge and set a new ATH price and trigger the long-awaited altseason peak phase. If this plays out, the expectation for a 5-year supercycle could come through. However, the falling market prices seem to be supporting more of a bearish expectation. In contrast, the fact that BlackRock just bought $142 million worth of Bitcoin serves as a bullish sign.

Analyst Marks Double Bottom BTC Formation

One popular crypto trader and analyst believes that BTC just set a double bottom at the $74,000 price range. She explains that BTC is currently on a retracement from that price level and is currently developing to form the last couple of waves of the correction. Thus, the analyst expects a first resistance at the $80,600 price level for Wave A, followed by a small retrace down to $77,600 price level.

Hello everyone!! 😊#BTC JUST double bottomed RIGHT at ~$74k. It’s on a retrace from that level now… As it develops and as it starts to form the LAST couple waves of the correction… this is what I’m expecting!

Coming soon is first resistance at ~$80.6k for Wave A. Followed… pic.twitter.com/mCxYBuBsh2

— TARA (@PrecisionTrade3) February 2, 2026

As she explains using the image in the post above, this is expected to be followed by the price of Bitcoin moving back upward to the $83,700 price range. Lastly, she mentions a possibility for the price of BTC to go as low as the $70,700 as well. She says this will mark the end of wave 4 and lead to the final bull wave 5 price pump. The post concludes that we are getting close to the bullish explosion line.