Due to ETF outflows and concerns over demand, the BTC price dropped below $65,000. In the meantime, Bitcoin giant MicroStrategy recently announced a significant purchase of BTC. Meanwhile, an analyst from CryptosRUs believes that Bitcoin will double in 15 days based on historical patterns.
MicroStrategy fills warehouses with BTC!
Between April 27 and June 19, 2024, MicroStrategy purchased 11,931 BTC at $65,883 per BTC for a total of $786 million. This move shows MicroStrategy’s continued commitment to Bitcoin. In a recent 8-K Securities and Exchange Commission (SEC) filing, MicroStrategy stated that it used proceeds from a private offering of convertible senior notes and excess cash to fund this acquisition. The firm completed the private offering on June 18, 2024.
MicroStrategy also raised $800 million from the offering, which included a 2.25% coupon and a 35% conversion premium over the average price of its Class A common stock. This amount included the exercise by the initial purchasers of an option to purchase an additional $100 million of bonds. Michael Saylor, founder and president of MicroStrategy, commented on the acquisition:
MicroStrategy purchased an additional 11,931 BTC for approximately $786.0 million using proceeds from convertible notes and excess cash for approximately $65,883 per BTC. As of today, MSTR has purchased 226,331 BTC for approximately $8.33 billion at an average price of $36,798 per Bitcoin.
Analyst: Bitcoin price to double in just 15 days!
As you have been following on Kriptokoin.com, Bitcoin has seen significant selling pressure this week due to concerns about demand and ETF outflows. In the process, it fell below the critical $65,000 support level for the second week in a row. BTC is down more than 12% from its peak, indicating that market sentiment is shifting towards a bearish trend. Notably, large spot Bitcoin ETFs experienced net outflows totaling $145.9 million, led by the Fidelity Wise Origin Bitcoin Fund (FBTC). Outflows intensified following the Fed’s decision to keep interest rates between 5.25% and 5.50%. However, the Fed hinted at a possible rate cut later this year.
Despite the current negative trend, analyst George from CryptosRUs remains optimistic about Bitcoin’s future. Citing historical examples where Bitcoin has rebounded strongly after periods of significant gains on the US stock market, George predicts a potential doubling of Bitcoin’s value within 15 days. Earlier this year, Bitcoin showed its resilience by surging 80% after a big drop. George highlights Bitcoin’s solid fundamentals amid media negativity and economic uncertainties such as inflation. Factors such as reduced supply from halving events and increased global demand are key factors that are expected to fuel significant price increases in the future.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !
