MicroStrategy, the largest corporate holder of Bitcoin (BTC), has announced a significant acquisition of 55,500 BTC for approximately $5.4 billion. This move has sparked renewed optimism toward BTC prce rally to $100,000 this week.
MicroStrategy’s Latest Bitcoin Acquisition
According to a latest press release, the Microstrategy made the latest acquisition at an average purchase price of $97,862 per Bitcoin. As of November 24, 2024, the company holds a staggering 386,700 BTC, acquired at a cumulative cost of $21.9 billion, averaging $56,761 per BTC. This latest move underscores the company’s unwavering confidence in Bitcoin’s long-term value.
The acquisition comes as Bitcoin price remains stagnant near the $97,000 level, sparking mixed sentiments among traders. While some investors are taking profits after the crypto’s remarkable rally this year, others are accumulating in anticipation of a potential surge past the psychological $100,000 threshold.
MicroStrategy has acquired 55,500 BTC for ~$5.4 billion at ~$97,862 per #bitcoin and has achieved BTC Yield of 35.2% QTD and 59.3% YTD. As of 11/24/2024, we hodl 386,700 $BTC acquired for ~$21.9 billion at ~$56,761 per bitcoin. $MSTR https://t.co/79ExzXk4UM
— Michael Saylor⚡️ (@saylor) November 25, 2024
MicroStrategy’s strategic bet on Bitcoin has yielded notable returns, with a 35.2% quarterly gain and an impressive 59.3% year-to-date performance. The company’s steadfast HODL strategy has positioned it as a key player in the crypto space, often influencing market dynamics.
BTC Price to $100,000
Recently, the BTC price even touched an all-time high at $99,655.50, which is a major feat for the flagship crypto. However, concerns linger over Bitcoin’s near-term direction. The profit-taking by traders has tempered upward momentum.
Nonetheless, market participants are debating whether renewed institutional interest, like MicroStrategy’s latest purchase, could fuel a breakout above $100,000. Meanwhile, Michael Saylor remains a vocal advocate for BTC, describing it as “digital gold” and a hedge against economic uncertainty.
Hence, nothing can be said at the moment since the Bitcoin price trajectory could change its course if the sell pressure continues. However, on the other hand, crypto analyst Ali Martinez has signaled a BTC rally to $135.000 in mid-2025, citing historical trends, Thus, of his prediction materializes, Bitcoin could hit $100,000 this week.
Also Read: ‘2010 Whale’ Could be Bitcoin Creator Satoshi Nakamoto: BTCparser Theory
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