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bitcoin price rose almost 2% in the last 24 hours to trade at $73,356 at 02:24 EST, with trading volume falling 20%.
It comes despite a broader market cooldown that is failing to stop business intelligence firm MicroStrategy, co-founded by Michael Saylor, from doubling down on btc.
MicroStrategy is on its second fundraising plan this month to acquire more btc, just a week after completing an $800 million raise that helped raise another 12,000 bitcoin.
MicroStrategy has acquired an additional 12,000 btc for ~$821.7 million using proceeds from convertible notes and excess cash of ~$68,477 per bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin. As of 03/10/24, $MSTR holds 205,000 $btc acquired for ~$6.91 billion at an average price of $33,706 per bitcoin. https://t.co/YayyKtpz8d
—Michael Saylor (@saylor) March 11, 2024
Now Saylor proposes raising another $500 million in convertible notes, again “to acquire additional bitcoin.”
MicroStrategy Announces Proposed Private Offering of $500 Million in Convertible Senior Notes $MSTR https://t.co/nRxijBHsgX
—Michael Saylor (@saylor) March 13, 2024
MicroStrategy has a stack of 205,000 btc right now, worth about $15 billion. The business intelligence firm has increased $8.1 billion, or 117%, in its btc investments so far.
bitcoin Price Outlook as MicroStrategy Doubles Down on btc Purchases
bitcoin price continues to hold above the $73,000 threshold, with prospects for further gains. The next target for btc is the $82,131 milestone, where the pioneering cryptocurrency is expected to face resistance due to the ascending trend line connecting the previous cycle highs.
There remains potential for further gains. This is seen with the rising Relative Strength Index (RSI), which points to rising momentum and is bolstered by increasing volumes of the Awesome Oscillator (AO), suggesting a strong presence of the bulls in the btc market.
The rising bars of the volume indicator, flashing green as the uptrend remains strong, also reinforce the bullish outlook. Further buyer momentum among the bulls could see bitcoin price extend beyond the $75,000 milestone to reach the psychological level of $80,000.
In a very bullish case, gains could extend to the forecast level of $82,131, and such a move would constitute a rise of approximately 12% above current levels.
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TradingView: btc/USDT 1-Week Chart
On the contrary, if traders begin to cash in on the gains made so far, the price of bitcoin could decline, first falling below the $69,000 threshold.
Further seller momentum could see btc price venture into the supply zone between $62,278 and $65,618. However, to confirm the continuation of the downtrend, bitcoin price must break and close below the median threshold of $64,044.
While the price of bitcoin attempts to regain its all-time high, investors looking to diversify their gains may consider investing in GBTC. crypto analyst Jacob Bury says this eco-friendly alternative to btc is among the six best cryptocurrencies to buy as bitcoin's bull run begins.
Promising alternative to bitcoin
After raising over $4.25 million from investors attracted by the lure of the current bitcoin euphoria, GBTC is on a roll. It is the symbol of the Green bitcoin ecosystem, a profit prediction project built on top of ethereum infrastructure using the ERC-20 token standard.
It is a gamified betting platform where participants earn rewards by predicting the price of bitcoin.
As bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin is approaching all-time highs, everyone on your feed is making predictions.
But Green bitcoin is the only place where you can BET and WIN on those predictions! pic.twitter.com/yGgux4u9b9
—GreenBitcoin (@GreenBTCtoken) February 16, 2024
There are exponential rewards for GBTC holders and token bonuses of up to 100% for new challenges coming live daily and weekly.
Experts weigh in on GBTC!
bitcoin Price to Reach $200,000 by 2025: Standard Chartered: Can Green bitcoin Overtake btc?https://t.co/w2mT4kp0fo
—GreenBitcoin (@GreenBTCtoken) February 19, 2024
The staking offers an estimated annual return of 118% and 4.8 million tokens have already been staked with the distribution rewards set at a rate of $1.6 GBTC tokens per ethereum (eth) block. Rewards will be disbursed over 5 months, after which the so-called Gamified Green bitcoin Stake will be launched.
Did you know you can win HUGE just by staking your green bitcoin?
If you haven't already, visit our website and check out the Staking feature. pic.twitter.com/6wiv99ER0O
—GreenBitcoin (@GreenBTCtoken) February 25, 2024
Investors who wish to purchase GBTC can do so on the official website, where it is sold for $0.9162. This price will only last less than five more days before an increase.
An incredible achievement for the future of cryptocurrencies and for our amazing community!
Let's hear it for GREEN! pic.twitter.com/mk0kGrXrVn
—GreenBitcoin (@GreenBTCtoken) March 13, 2024
Visit and buy GBTC here.
Also read:
Green bitcoin: gamified green bet
- Contract audited by Coinsult
- Early Access Presale Live Now – greenbitcoin.xyz
- Predict to Win – Featured on Cointelegraph
- Staking Rewards and Token Bonuses
- $1+ Million Raised
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