Blockchain

Bitcoin Price Prediction: MicroStrategy looks to raise $600 million to buy more BTC as this green Bitcoin presale rushes toward $2 million.

adminMarch 5, 2024

join us telegram A channel to stay up to date on breaking news coverage

The price of Bitcoin has surged nearly 6% over the past 24 hours, trading at $66,836 as of 1:05 a.m. ET, with trading volume up 120%.

The pioneering cryptocurrency is trying to regain its all-time high of $68,999.99, a level last seen in November 2021. However, while the price has so far fallen short of its peak, the market capitalization of the pioneering cryptocurrency has already set a new record in the evening session of New Year’s Day. York.

market capitalizationmarket capitalization

TradingView: BTC Market Cap

According to CNBC Mad Money host Jim Cramer, the Bitcoin price surge has been linked to traders buying BTC as a hedge against fiat currencies.

Another reason for the Bitcoin price surge includes the spot BTC exchange-traded fund (ETF) theme. This story continues to encourage capital inflows into the BTC market. BlackRock, the issuer of the IBIT Spot BTC ETF, has applied to purchase the ETF for its Strategic Income Opportunities Fund, according to a filing with the U.S. Securities and Exchange Commission (SEC).

An excerpt from the document follows: “The Fund may acquire shares of exchange-traded products (“ETPs”) intended to reflect the general performance of the price of Bitcoin by directly holding Bitcoin (“Bitcoin ETPs”). Bitcoin ETP sponsored by BlackRock affiliates.”

In addition to that, according to the report, Stanford University’s Blyth Fund spent about 7% of its portfolio on Bitcoin purchases.

This purchase adds to the buying pressure that continues to push the price of Bitcoin higher.

MicroStrategy buys more BTC as Bitcoin price surges

MicroStrategy, one of the largest buyers of Bitcoin, is planning a private offering of $600 million worth of convertible senior notes, according to a recent report. Proceeds from these sales are used to absorb more BTC. This report follows a presentation on X by MicroStrategy CEO Michael Saylor.

“MicroStrategy intends to use the net proceeds from the sale of the Notes to acquire additional Bitcoin and for general corporate purposes,” it said.

This disclosure is likely to cause FOMO (fear of fear), just as it did when the company recently announced another massive BTC purchase of 3,000 BTC worth approximately $155 million. According to Coinglass data, more than $116 million in short positions were liquidated in the last 24 hours.

BTC liquidationBTC liquidation

BTC Liquidation Chart

With this, the market expects BTC to retest the psychological level of $69,000, the first step toward breaking new all-time highs.

Bitcoin Price Outlook As BTC Nears All-Time Highs in 2021

Bitcoin price came close to a $69,000 high during Monday’s US session, hitting an intraday high of $68,499. However, Bitcoin price is posting a red Japanese candle against the Tether (USDT) stablecoin on the daily time frame as long profit trading is filling up, holding the $69,000 high as resistance.

Nonetheless, the relative strength index (RSI) is still on the rise, so upside potential remains. This indicates upward momentum and is highlighted by volume indicators, showing strong trading activity in the BTC market.

When the volume bar grows, it indicates a dominant or important price level. This is further displayed through the massive amount of histogram bars for the Awesome Oscillator (AO) and Moving Average Convergence Divergence (MACD). MACD above the signal line reinforces the bullish cycle in Bitcoin price.

If buying pressure increases, the price of Bitcoin could plummet to $69,000, and the rise is likely to extend to the psychological level of $70,000. This would mark a new all-time high.

bitcoin pricebitcoin price

TradingView: BTC/USDT 1-day chart

Conversely, Bitcoin prices may fall if traders start cashing out on the spot. What is noteworthy is that the price of Bitcoin is up 20% in the past week, 30% in the past two weeks, 57% in the past month, and 200% in the past year. With the market expecting a halving, profit taking could push back towards the $60,000 threshold before the next round of upside.

Meanwhile, with the Bitcoin market crashing, investors may consider diversifying some of their profits with new ICOs using the GBTC ticker. This token is different from Grayscale’s GBTC ETF and offers greater upside potential.

A promising alternative to Bitcoin

GBTC is the ticker of the Green Bitcoin ecosystem. This is a cryptocurrency project that uniquely combines the legacy of Bitcoin and the eco-friendly nature of Ethereum.

Green Bitcoin offers a unique and sustainable staking model called Gamified Green Stake. Here, users can earn passive income through staking rewards. Participants can win attractive rewards by taking part in daily and weekly BTC price prediction challenges.

Green Bitcoin’s pre-sale has already seen funds raised surge to $1.74 million as it races towards its $1.97 million target.

The pre-sale offers the best opportunity to get in at a reasonable price, with each GBTC token selling for just $0.6122. This price tag lasts 4 days before you start your hike, so act now if you’re interested.

Visit Green Bitcoin to buy GBTC here.

Also read:

Green Bitcoin – Gamified Green Staking

green bitcoingreen bitcoin
  • Coinsult’s contract audit
  • Early Access Presale Now Live – greenbitcoin.xyz
  • Profit Forecast – Cointelegraph Feature
  • Staking Rewards and Token Bonuses
  • Over $1 million raised

green bitcoingreen bitcoin


join us telegram A channel to stay up to date on breaking news coverage

adminMarch 5, 2024

Related Articles

FLOKI Price Prediction: Solana Meme FLOKI Soars 47% as Coin Smog Prepares for Biggest Airdrop in History

March 4, 2024

Today’s New Cryptocurrency Launches, Listings and Presales – Source, SolGPT, Dogecoin20

May 10, 2024

BitMEX Lists New IO Futures Contract with 2x Leverage

June 7, 2024

Echoes of the Empire: Analyzing the Fall of Galactic Civilization

July 5, 2024
Back to top button