BTC price dropped below $65,000 due to ETF outflows and concerns about demand. In this process, Bitcoin giant MicroStrategy recently announced that it has purchased a significant amount of BTC. Meanwhile, an analyst from CryptosRUs believes Bitcoin will double in 15 days based on historical patterns.
MicroStrategy, warehouses ‘Bitcoin’filled it with!
MicroStrategy purchased 11,931 BTC between April 27 and June 19, 2024, for a total of $786 million at $65,883 per BTC. This move shows MicroStrategy’s continued commitment to Bitcoin. In a recent 8-K Securities and Exchange Commission (SEC) filing, MicroStrategy stated that it used proceeds from a private offering of convertible senior notes and excess cash to fund this acquisition. The firm completed the private offering on June 18, 2024.
It was also announced that MicroStrategy raised $800 million from the offering, which included a 2.25% coupon and a 35% conversion premium over the average price of Class A common stock. This amount includes the initial buyers exercising their option to purchase an additional $100 million of bonds. Michael Saylor, founder and president of MicroStrategy, shared his comment on this acquisition:
MicroStrategy purchased another 11,931 BTC for approximately $786.0 million using proceeds from convertible notes and excess cash for approximately $65,883 per BTC. As of today, MSTR has purchased 226,331 BTC for approximately $8.33 billion at an average price of $36,798 per Bitcoin.
Analyst: Bitcoin price will double in just 15 days!
cryptokoin.comAs you follow from , Bitcoin has seen significant selling pressure this week due to concerns about demand and ETF outflows. In the process, it fell below the critical $65,000 support level for the second week in a row. BTC is down over 12% from its peak, indicating that market sentiment is shifting towards bearish sentiment. Notably, major spot Bitcoin ETFs experienced a total net outflow of $145.9 million, led by Fidelity Wise Origin Bitcoin Fund (FBTC). Outflows intensified following the Fed’s decision to keep interest rates between 5.25% and 5.50%. However, the Fed has hinted at a possible interest rate cut later this year.
Despite the current negative trend, analyst George from CryptosRUs remains optimistic about Bitcoin’s future. George predicts that Bitcoin will potentially double in value within 15 days, citing historical examples where Bitcoin has rebounded strongly after periods of significant gains in the US stock market. Earlier this year, Bitcoin showed its resilience by rising 80% after a major decline. George underscores Bitcoin’s solid fundamentals amid negativity in the media and economic uncertainties such as inflation. Factors such as reduced supply resulting from halving events and increased global demand stand out as the key factors expected to fuel significant price increases in the future.
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