MicroStrategy Buys Additional 11,930 BTC, Fibonacci Analysis Hints At $160K Bitcoin Price Peak
20 Juin 2024 - 9:00PM
NEWSBTC
Bitcoin (BTC), the leading cryptocurrency, has regained momentum,
bouncing off a weekly low of $64,000 to find support above $65,000,
halting last week’s downtrend. This price recovery may be due to
another significant investment round by business intelligence
company MicroStrategy, led by Bitcoin bull Michael Saylor.
The company announced on Thursday the acquisition of an additional
11,931 BTC valued at approximately $786.0 million, further
solidifying its position as a major institutional holder of the
digital asset. MicroStrategy’s Bitcoin Holdings Surge To Nearly $15
Billion MicroStrategy’s Chairman and Co-founder, Michael Saylor,
revealed the latest acquisition in a social media post. The company
purchased 11,931 Bitcoin between April 27 and June 19, utilizing
proceeds from convertible notes and excess cash at an average price
of $65,883 per Bitcoin. Notably, the recent purchases
increased MicroStrategy’s overall Bitcoin holdings to an impressive
226,331 BTC, acquired at a total cost of $8.3 billion, currently
valued at approximately $14.9 billion. Related Reading: Solana
Could Face A 41% Crash, Warns Mechanism Capital Co-Founder Saylor’s
interest in Bitcoin dates back to 2020, when he began purchasing
the cryptocurrency as a hedge against inflation and an alternative
to holding cash. Since then, Bitcoin has experienced substantial
growth, appreciating around 600% since Saylor’s initial
investments. The recent purchase by MicroStrategy comes at a
time when market sentiment towards Bitcoin is mixed. Market
intelligence platform Santiment reports that the community is
“mainly fearful” or disinterested as Bitcoin’s price hovers between
$64,000 and $65,000. However, Santiment suggests that BTC
trader fatigue, combined with whale accumulation exemplified by
MicroStrategy’s latest acquisition, often leads to price bounces
“that reward the patient,” as seen in the image above. BTC’s
Cycle Top To Reach New Heights Despite the current mixed sentiment
in the market, most experts and analysts are forecasting a cycle
top for Bitcoin beyond the current all-time highs. Market analyst
Crypto Con recently used Fibonacci retracements to forecast
conservative and less conservative potential cycle top targets.
According to Crypto Con’s analysis, the .618 Fibonacci retracement
level has proven reliable for previous Bitcoin cycle tops.
Extension levels can be derived by retracing from the cycle bottom
to the top of the first move. The cycle tops of 2013 and 2017 were
predicted at 4.618, while the 2021 top was forecasted at the 5.618
level. For the current cycle, the conservative target for the
cycle top is $106,000, while the less conservative target stands at
$161,000, according to Crypto Con. Related Reading: SEC Drama Fuels
XRP Rally: Open Interest Skyrockets Adding to the positive
sentiment, wealth management firm Bernstein has made bold
predictions for Bitcoin’s future price trajectory. Despite
arguments from bears that the Bitcoin ETF trade is over and early
allocations were driven by retail investors, Bernstein holds a
different viewpoint. The firm emphasizes that Bitcoin ETFs
are on the verge of approvals at major wirehouses and large private
bank platforms in this year’s third or fourth quarter. These
potential approvals and institutional interest act as a
catalyst for adoption. Bernstein expects Bitcoin to reach a cycle
high of approximately $200,000 by 2025, $500,000 by 2029, and an
impressive $1 million by 2033. The firm asserts that institutional
investors are evaluating “net long” positions, indicating a growing
interest in the cryptocurrency. At the time of writing, BTC has
limited its losses in the 7-day time frame to 3.6%, resulting in a
current trading price of $65,170 for the largest cryptocurrency on
the market. Featured image from DALL-E, chart from
TradingView.com
Bitcoin (COIN:BTCUSD)
Graphique Historique de l'Action
De Août 2024 à Sept 2024
Bitcoin (COIN:BTCUSD)
Graphique Historique de l'Action
De Sept 2023 à Sept 2024