MicroStrategy’s chief executive officer and co-founder, Michael Saylor, announced that the company purchased $155 million worth of Bitcoin. Thus, MicroStrategy increased its BTC holdings to 193,000. This is an important move for Bitcoin ETFs ahead of the upcoming halving. Meanwhile, one analyst, followed closely by the market, is drawing a bull run route for BTC.
MicroStrategy purchased another 3000 Bitcoins
According to a new filing with the U.S. Securities and Exchange Commission on Feb. 26, MicroStrategy Inc. He purchased approximately 3,000 Bitcoins for approximately $155.4 million in cash. MicroStrategy purchased BTCs at an average price. Between February 15 and February 25, 2024, BTC traded in a range of approximately $51,813. Michael Saylor said MicroStrategy and its affiliates together own 193,000 BTC. He also noted that the average fiscal per token for these Bitcoins is $31,544. In this context, Saylor made the following statement:
MicroStrategy purchased another 3,000 BTC for ~$155 million at an average price of $51,813 per token. As it stands, MicroStrategy currently owns 193,000 BTC for ~$6.09 billion at an average price of $31,544 per Bitcoin.
The Bitcoin purchase came from the proceeds from the issuance and sale of shares under the sales agreement. cryptokoin.comAs you follow from, MicroStrategy made a notification about this issue on November 30, 2023. MicroStrategy last purchased 14,620 BTC for approximately $615.7 million on December 27.
Is BTC preparing for a parabolic rally?
Crypto analyst Kevin Svenson says Bitcoin follows a textbook parabolic curve model. According to the analyst, Bitcoin is at the third base of the formation. This puts BTC in a position to witness huge gains in a steep upward move. In this regard, the analyst makes the following statement:
I think it’s clear now that we’re approaching the steeper part of the parabolic trend. And this is where the third base is in the diagram when it gets really steep. Here we are now, guys. It gets quite steep. What will happen next? How high will we go? The textbook (playbook) says the price will double after the third base: $45.00 times the target of the two parabola. Accordingly, the target is $90,000.
Analyst’s estimated peak value for Bitcoin: $142,500
Meanwhile, according to the textbook diagram, the price of an asset trading at the third base of a parabolic uptrend can double “in a very short period of time.” The analyst also notes that Bitcoin tends to witness bull markets when global liquidity or the amount of money circulating in the world financial system increases. According to the analyst, Bitcoin is currently rising despite falling global liquidity levels. Additionally, if liquidity begins to recover, it is possible for BTC to rise much higher than the majority’s expectations. On this subject, the analyst says the following:
In these past cycles, Bitcoin has tended to rise along with global liquidity. Now we are bullish against the liquidity cycle. So if the liquidity cycle turns in our favor, it would be a double whammy of sorts. Bitcoin is positively decoupling from global liquidity, we have ETF approval, halving is approaching. There are a lot of things here that are really good for Bitcoin and crypto, so I’m keeping my mind open to the idea that the unexpected is always possible in this market. The estimated peak value I have is $142,500.
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