bitcoin (btc), the leading cryptocurrency, has regained momentum, bouncing from a weekly low of $64,000 to find support above $65,000, pausing last week. downward trend. This price recovery may be due to another major investment round from business intelligence company MicroStrategy, led by bitcoin bull Michael Saylor.
The company announced on Thursday the acquisition of an additional 11,931 btc valued at approximately $786.0 million, further cementing its position as a major institutional holder of the digital asset.
MicroStrategy's bitcoin Holdings Surge to Nearly $15 Billion
MicroStrategy president and co-founder Michael Saylor revealed the latest acquisition in a x.com/saylor/status/1803763490928119950″ target=”_blank” rel=”nofollow”>social media post. The company purchased 11,931 bitcoin between April 27 and June 19, using proceeds from convertible notes and excess cash at an average price of $65,883 per bitcoin.
Notably, the recent purchases increased MicroStrategy's overall bitcoin holdings to an impressive 226,331 btc, acquired at a total cost of $8.3 billion, currently valued at approximately $14.9 billion.
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Saylor's interest in bitcoin dates back to 2020, when he began purchasing the cryptocurrency as a hedge against inflation and an alternative to having cash. Since then, bitcoin has seen substantial growth, appreciating around 600% since Saylor's initial investments.
The recent purchase by MicroStrategy comes at a time when market sentiment towards bitcoin is mixed. Santiment market intelligence platform x.com/santimentfeed/status/1803680972627648552″ target=”_blank” rel=”nofollow”>reports that the community is “mostly fearful” or uninterested as the price of bitcoin hovers between $64,000 and $65,000.
However, Santiment suggests that btc trader fatigue, combined with whale accumulation exemplified by MicroStrategy's latest acquisition, often leads to “patient-rewarding” price bounces, as seen in the image above .
btc Cycle Peak Will Reach New Heights
Despite the current mixed sentiment in the market, most experts and analysts are predicting a cycle high for bitcoin beyond the current all-time highs. Market analyst crypto Con recently used Fibonacci retracements to forecast potential conservative and less conservative main cycle targets.
x.com/CryptoCon_/status/1803519243960344988″ target=”_blank” rel=”nofollow”>According According to crypto Con analysis, the .618 Fibonacci retracement level has proven reliable for bitcoin's previous cycle highs. Extension levels can be derived by retracing from the bottom of the cycle to the top of the first move. The 2013 and 2017 cycle highs were forecast at 4.618, while the 2021 high was forecast at the 5.618 level.
For the current cycle, the conservative target for the top of the cycle is $106,000, while the least conservative target sits at $161,000, according to crypto Con.
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Adding to the positive sentiment, wealth management firm Bernstein has made x.com/DeItaone/status/1803737772982784101″ target=”_blank” rel=”nofollow”>bold predictions for the future trajectory of the price of bitcoin. Despite bears' arguments that bitcoin ETF trading is over and that the first allocations were driven by retail investors, Bernstein has a different point of view.
The firm emphasizes that bitcoin ETFs are about to be approved on major cable houses and large private banking platforms in the third or fourth quarter of this year. These possible approvals and institutional interest act as a catalyst for adoption.
Bernstein expects bitcoin to reach a cycle high of approximately $200,000 by 2025, $500,000 by 2029, and an impressive $1 million by 2033. The firm says institutional investors are evaluating “net long” positions, indicating growing interest in cryptocurrency.
At the time of writing, btc has limited its losses in the 7-day period to 3.6%, resulting in a current trading price of $65,170 for the largest cryptocurrency on the market.
Featured image of DALL-E, chart from TradingView.com
