Bitcoin, the world’s leading cryptocurrency, is gaining momentum. After a week-low of $64,000, BTC has found support at or above $65,000. downtrend. This recovery in price may be due to a second significant round of investment from business intelligence company MicroStrategy under the leadership of Bitcoin bull Michael Saylor.
The company, which is a leading institutional investor in digital assets, announced Thursday that it had acquired an additional 11,931 BTC worth approximately $786 million.
MicroStrategy Bitcoin Holdings Soar To Nearly 15 Billion Dollars
Michael Saylor has revealed MicroStrategy’s newest acquisition. social media post. The company acquired 11,931 Bitcoins from April 27 to June 19, using the proceeds of convertible notes and extra cash. Each Bitcoin cost an average $65,883.
The recent purchases have increased MicroStrategy’s total Bitcoin holdings by an impressive 226 331 BTC. These were acquired for a cost of approximately $8.3 billion and are currently worth around $14.9 billion.
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Saylor began buying Bitcoin in 2020 as a means of protection against the financial crisis. inflation Alternative to keeping cash. Bitcoins have grown in value by 600%, since Saylor first invested.
MicroStrategy’s recent acquisition comes as the market is experiencing mixed sentiments towards Bitcoin. Market intelligence platform Santiment reports The community is a necessity “mainly fearful” Bitcoins’ price is hovering between $64,000 and $65,000.
Santiment has suggested that BTC trader exhaustion, coupled with whale accumulation, like MicroStrategy’s latest acquisition, leads to price jumps. “that reward the patient,” See the picture above.
BTC’s Cycle Top to Reach New Heights
Although the sentiment is mixed, many experts are predicting a top in Bitcoin’s cycle beyond its current highs. Crypto Con used Fibonacci regressions to predict the future of Bitcoin. Conservative and less conservative top cycle targets.
According According to Crypto Con, the Fibonacci level of.618 has been reliable in predicting previous Bitcoin cycles tops. Retracing the bottom of the cycle to the peak of the initial move can provide extension levels. The tops were forecast at 4.618 for the cycles of 2013, 2017 and 2021, respectively.
Crypto Con estimates that for the current cycle the conservative target is $106,000 and the less conservative one $161,000 according to Crypto Con.
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Bernstein, a wealth management company has also made a statement to add to this positive feeling. bold predictions Bitcoin’s trajectory will be determined by the future price. Bernstein’s view is different from that of bears who claim the Bitcoin ETF market has ended and retail investors were responsible for early allocations.
In the third quarter or fourth of this year, major private banks and wirehouses will be approving Bitcoin ETFs. The potential approvals are outlined below. institutional interest Act as a catalyst to adoption
Bernstein predicts that Bitcoin will reach its cycle high of $200,000 in 2025. It is expected to hit $500,000 by 2020, then $1,000,000 by 2033. It claims that institutional investors evaluate Bitcoin. “net long” Positions, which indicate a growing interest for cryptocurrency.
BTC, at the time this article was written, had limited its losses within the seven-day period to 3.6%. The current price for BTC is $65,170.
Chart from TradingView.com, image courtesy of DALL-E
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Source: www.newsbtc.com
