As a seasoned crypto investor with over a decade of experience under my belt, I can confidently say that the current Bitcoin market dynamics are reminiscent of the gold rush days, but with a digital twist. The consistent institutional buying, especially by companies like MicroStrategy, is a testament to the growing recognition and acceptance of Bitcoin as a legitimate store of value.
At present, Bitcoin‘s ($BTC) value lies above a trendline that has been in place for approximately three and a half years, passing through the highest points of the 2021 bull market. As Bitcoin continues to maintain its position above this trendline, a potential push towards $100,000 is becoming increasingly visible.
Yet another huge BTC purchase for MicroStrategy
With Bitcoin holding steady near $91,000, the worldwide purchase of this rare asset persists, unabated. Just a few days after MicroStrategy acquired a massive 27,200 BTC, Michael Saylor’s company has made another significant purchase, this time even more substantial in size.
On Monday, it became known that MicroStrategy acquired an additional 51,780 Bitcoins. This purchase, valued at approximately $4.6 billion, represents the largest single investment in Bitcoin ever made by MicroStrategy. Immediately following this recent buying spree, MicroStrategy declared their intention to acquire even more Bitcoin through a proposed offer totaling $1.75 billion.
Marathon, and Metaplanet follow MicroStrategy playbook
Due to MicroStrategy’s strategy of seemingly endless funds, other entities such as Marathon ($MARA), a prominent Bitcoin miner, and the Japanese firm Metaplanet are imitating this trend. Notably, Marathon has declared its intention to raise $700 million through convertible senior notes for the purpose of acquiring more Bitcoins. Similarly, Metaplanet recently announced a debt offering worth 1.75 billion yen, which it intends to utilize for Bitcoin purchases.
If we consider the likelihood that other nations aside from El Salvador and Bhutan might clandestinely establish Bitcoin reserves, and if we don’t rule out the possibility of a strategic Bitcoin reserve in the United States, the growing energy beneath the Bitcoin price may soon function like rocket fuel.
Spot Bitcoin ETFs buying again
Ultimately, US Spot Bitcoin ETFs resumed purchasing, driven primarily by Blackrock’s IBIT fund. This fund acquired approximately 1,000 Bitcoins, which added up to a total of 2,830 Bitcoins purchased on Monday.
$BTC in short-term ascending triangle
On a brief analysis of Bitcoin ($BTC), we can see that the price has recently been sustaining itself above an inclining trendline which extends from the two peaks of the 2021 bull market. Furthermore, an ascending triangle has been taking shape. The price movement is currently confined within this triangle, consistently forming higher bottoms. Typically, ascending triangles conclude with a breakout towards the upper side, and considering the overall upward trend, it seems plausible that such a scenario might transpire here.
Bitcoin macro picture shows there is still runway ahead
For the upcoming 11 days of this month, it’s crucial that Bitcoin’s price stays above its rising trendline as suggested by the current large candle on the monthly chart, which significantly outshines previous candles, offering a broad perspective.
By examining the Stochastic RSI right beneath the graph, it’s evident that the two lines have gracefully intersected and moved upward from the 50.00 mark. There is still some distance to cover before the current momentum reaches its peak.
Macro concern for 2025
Right underneath here is the Relative Strength Index (RSI), showing how much Bitcoin may be excessively bought or sold. A trendline extending from late 2017 touches upon the peak of the 2021 bull market. If the RSI indicator line continues to move along this trendline, it might soon reverse direction, suggesting an extremely overbought state for Bitcoin and potentially signaling a peak. This would also indicate a significant bearish divergence and could mark the end of the bull market.
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2024-11-19 14:08