BTC Price: MicroStrategy To Buy More Bitcoin As $100K Nears, 150K Next?

As BTC price continues to make history, MicroStrategy has been at it again, dropping hints of another Bitcoin purchase pledge. The company said it had successfully made a $3 Billion offering of convertible senior notes, the main aim of which is to buy more Bitcoin.

This is yet another move by the firm which is on a BTC acquisition spree. This now makes it the largest institutional Bitcoin holder with current holdings of over 158000 BTC.

The offer of $3 Billion also includes $400 Million aggregate principal in connection with an optional purchase undertaking from the initial purchasers. Such a bond, due in 2029, has a conversion rate of 55% above the current note price.

– Advertisement –

This indicates that investors have great confidence in MicroStrategy’s business model and the emergent cryptocurrency market.

The action follows a spurt in Bitcoin prices and suggests that MicroStrategy is confident of Bitcoin’s future. Some analysts are concerned about its timing, due to fluctuations.

However, historically, MicroStrategy’s sound approach has made up a large part of institutional uptake together with market sentiment. Furthermore, Michael Saylor’s recent post may be a further indication of Saylor’s intention to buy more bitcoin.

– Advertisement –

BTC price Inches Closer to $100K Milestone

The moment that MicroStrategy chose to release the information couldn’t have been any better timed. BTC price was slightly below one hundred thousand dollars, at around $97,427 when the announcement was made.

The trading volume of Bitcoin within the last 24 hours has hit $104 Billion, intensifying investors’ activities as it nears the critical marker of $100,000.

Such a cross above the $100000 mental level could pave the way to the next target of $150000 that analysts are expecting. Bitcoin’s rally today can be attributed to increased awareness of institutional investors as seen with Michael Saylor who is set to allocate $3 Billion for Bitcoin.

This institution’s adoption is an influential factor in the price movement of Bitcoin. MicroStrategy has not only made a bet on the future of Bitcoin’s value but also addressed the rest of the financial world with this message.

Technical Analysis: A Bullish Outlook

Various technical metrics show that BTC price is far from peaking. In the 4-hour chart, deeper analysis shows that the cryptocurrency is far above key moving averages.

The 50-SMA is established at $75,056 with good resistance, the 100-SMA and 200-SMAs give even stronger support at $67,792, and $65,896.

By construction, these moving averages point to an upward trajectory of Bitcoin’s price. They imply that the crypto king is well-backed even when there are corrections in the short term.

At press time, the Relative Strength Index (RSI) was at 76.77. Although it may provide for a near-term pullback, it also shows that demand is building up for higher ground in the BTC price.

The market outlook looks spirited as analysts highlight around $100,000 as the next big key level. Once penetrated, the path to $150,000 could be progressively more realistic depending on the national macroeconomic stability and institutional backing.

Another important variable is trading volume, which correlates with Bitcoins and increases with price rates. The volume to market cap ratio stands at 5.40% indicating strong liquidity set ideals for the continuation of an upward trend.

As such, it remains firstly overwhelmingly bullish. However, we could also initial consolidation or correction that may occur in the market.