MicroStrategy purchased another 9,245 Bitcoins, worth approximately $623 million. Thus, the company strengthened its Bitcoin holdings. MicroStrategy financed this strategic move using proceeds from convertible bonds and excess cash by the digital asset company. Meanwhile, an analyst with the pseudonym Rekt Capital is warning of a deep correction for BTC.
Bitcoin giant continues to buy BTC!
MicroStrategy president Michael Saylor announced that they bought Bitcoin at an average price of $67,382. This move reflects MicroStrategy’s confidence in the long-term potential of digital assets. With the latest purchase, MicroStrategy now owns 214,246 BTC. Saylor noted that his convertible bond has attracted significant interest from investors. This bond carries a coupon rate of 0.875% and a conversion premium of 40%.
Analysts evaluate this decision of MicroStrategy as strategic. He also emphasizes that the capital increase through convertible bonds demonstrates the company’s proactive stance in strengthening its financial position and supporting its growth efforts. MicroStrategy turns favorable market conditions into opportunities by focusing on the use of this type of bonds. It also aims to benefit from investors’ interest in innovative technology companies.
Analyst: BTC is approaching the ‘danger zone’!
cryptokoin.comAs you follow from , Bitcoin recently recorded a new ATH. However, it started the new week with a sharp decline. A popular crypto analyst with the pseudonym Rekt Capital says Bitcoin will enter the “danger zone” today where it could experience a significant correction. The analyst notes that historically, Bitcoin has seen a significant correction in the days leading up to the halving event. By the way, according to predictions, the next halving event will occur on April 15. In this context, the analyst makes the following statement:
In two days (starting March 17), Bitcoin will officially enter the ‘danger zone’ (orange), where historic pre-halving pullbacks begin. Historically, Bitcoin has experienced pre-halving pullbacks 14-28 days before the halving.
- In 2020, this pullback was -20% deep.
- In 2016 this pullback was -40% deep.
- As of March 17, BTC is 30 days away from halving and has retreated -11% in the past week.
BTC is likely to drop to $40,000!
According to the analyst, it is possible for Bitcoin to drop to the $40,000 range depending on BTC’s price movement during the 2016 and 2020 market cycles. The analyst explains his prediction on this subject as follows:
20% from here ($65,348) would be interesting. This would be around $13,000 on the downside, or a 30% retracement even deeper than that. This would take us down about $21,000 from current levels. And it’s pretty crazy to think we could still get to $44,000.
Meanwhile, the analyst says the pullback will most likely be a ‘blip’ in the grand scheme of things. Analyst: “We are here (green circle). And if you can’t really see the recent decline, that’s exactly the point of this article.” says.
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