MicroStrategy spent another $600 million to buy more than 16,000 BTC. With the last BTC purchase, the number of Bitcoins owned by the company increased to over 170,000. Meanwhile, a widely-followed crypto analyst says BTC is poised to bait BTC bulls with another rally to the upside before eventually pulling back.
MicroStrategy bought another 16,130 Bitcoins
MicroStrategy made a splash with its pro-Bitcoin strategy three years ago. The company is also a NASDAQ-listed business intelligence software giant. MicroStrategy has embarked on another BTC buying spree. The company’s former CEO and founder, Michael Saylor, announced the latest acquisition worth approximately $600 million. Saylor stated that MicroStrategy bought another 16,130 BTC at $36,785. He noted that he spent $593.3 million for this purchase.
This is MicroStrategy’s second BTC purchase in November. cryptokoin.comAs you follow from , the company bought 155 Bitcoins for $5.3 million at the beginning of the month. With the latest purchase, the company’s total stock reached 174,530 BTC. It spent just under $5.3 billion to purchase that amount. This means MicroStrategy has made a huge unrealized profit of over $1.2 billion, given BTC’s current price of $37,750.
BTC will stage another rally to bait the bulls
Master analyst nicknamed Credible Crypto predicts a surge for Bitcoin. The analyst said, “There is a first rejection here. However, we wouldn’t be surprised to see another push up to get those equal heights before the ‘real’ decline begins.” says.
Credible Crypto says investors should watch for upward Bitcoin bursts that are not caused by a ‘short squeeze’. According to the analyst, BTC’s recent rise to $38,000 was the result of a ‘short squeeze’. This set the stage for an impending decline that has since ended. The analyst said, “What we want to see in these upward movements is not necessarily ‘short squeezes’ that we can take more seriously. In fact, we want to see spot-oriented movements to the upside. “This kind of momentum requires upward movements that do not require shorts to be closed.” says. The analyst then predicts that BTC will lose momentum and come back as traders with long positions panic and provide liquidity. In this regard, Credible Crypto shares the following predictions:
For the first time in a long time, we have experienced a significant increase in open interest from our lows. What happened the last time we had this kind of rise from the lows? We saw a downward squeeze. So again, with the upward movement there is an increase in open interest. This means long traders are jumping in first… What this means is that if the price of BTC can be forced to pull back, we will likely see some of these longs start to panic and close. This will drive the price down even faster.
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