- MicroStrategy’s substantial Bitcoin purchase reinforces institutional confidence in cryptocurrency as a long-term asset.
- Analysis suggests Bitcoin’s potential surge to $100,000, supported by historical patterns and market dynamics.
- Growing institutional interest in Bitcoin underscores its increasing recognition as a valuable and stable investment.
MicroStrategy, a pioneer in AI-powered cloud, has made another significant Bitcoin purchase. According to a recent announcement on X platform by CryptoRank.io, MicroStrategy acquired an additional 12,000 BTC, valued at approximately $821.7 million. This acquisition brings the company’s total Bitcoin holdings to around 205,000 units, worth about $26.39 billion. The purchase was made at an average price of $68,475 per BTC.
This news comes shortly after MicroStrategy completed an $800 million offering of 0.625% convertible senior notes due in 2030. The funds from this offering were likely used to finance the latest Bitcoin purchase, as MicroStrategy has been consistently adding to its Bitcoin holdings over the past few years.
Meanwhile, a crypto youtuber, Crypto Rover shared insights suggesting that once Bitcoin breaks above its all-time high (ATH), it historically reaches the 1.618 Fibonacci extension, which is approximately $102,134, within 21 days.
Currently, Bitcoin’s price is hovering around $71,963.16, with a 24-hour trading volume of $52,482,332,675 and a market cap of $1,414,166,994,939. Bitcoin has a circulating supply of 19,651,262 BTC coins and a maximum supply of 21,000,000 BTC coins.
The market is eagerly watching to see if Bitcoin will indeed reach the $100,000 mark in the near future. If historical patterns hold, a significant price increase could occur within the next few weeks. However, cryptocurrency markets are notoriously volatile, and there are no guarantees when it comes to price movements.
MicroStrategy’s continued bullish stance on Bitcoin, evidenced by its latest purchase, reflects growing institutional interest in the cryptocurrency. As more companies and investors enter the market, Bitcoin’s price and adoption are likely to continue to rise. This latest development reinforces Bitcoin’s status as a valuable asset and highlights its potential for long-term growth and stability.
