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The price of Bitcoin has risen nearly 2% over the past 24 hours, trading at $73,356 as of 2:24 ET, after volume plunged 20%.
This comes despite a broader market cooling that hasn’t stopped business intelligence company MicroStrategy, co-founded by Michael Saylor, from doubling down on BTC.
MicroStrategy is working on a second round of funding this month to acquire more BTC. This comes just a week after completing an $800 million funding round that helped secure an additional 12,000 Bitcoins.
MicroStrategy used convertible note proceeds and excess cash to acquire an additional 12,000 BTC for ~$821.7M. #Bitcoin. As of March 10, 24, $MSTR Odd 205,000 $BTC It was acquired for ~$6.91 billion, at an average price of $33,706 per Bitcoin. https://t.co/YayyKtpz8d
— Michael Saylor⚡️ (@saylor) March 11, 2024
Now Saylor is proposing to raise another $500 million in convertible bonds “to secure additional Bitcoin.”
MicroStrategy Announces Private Offering of $500 Million Convertible Senior Notes $MSTR https://t.co/nRxijBHsgX
— Michael Saylor⚡️ (@saylor) March 13, 2024
MicroStrategy currently has a stack of 205,000 BTC worth approximately $15 billion. The business intelligence company has increased its BTC investments by $8.1 billion, or 117%, so far.
Bitcoin price outlook as MicroStrategy doubles its BTC purchases
Bitcoin price continues to hover above the $73,000 threshold and further upside is expected. BTC’s next target is the $82,131 milestone, at which point the pioneering cryptocurrency is expected to face resistance due to an upward trend line connecting previous cycle highs.
There is still potential for further profits. This signifies rising momentum and can be seen in the rising Relative Strength Index (RSI), which is strengthened by the increasing trading volume of the Awesome Oscillator (AO), implying a strong presence of bulls in the BTC market.
As the bullish trend remains strong, the increasing bars on the green flashing volume indicator also reinforce the bullish outlook. Strengthening buyer momentum among bulls could see the price of Bitcoin rise above $75,000 and reach the psychological level of $80,000.
In a very optimistic case, gains could extend to the projected $82,131 level, a move that would mark an increase of around 12% from current levels.
TradingView: BTC/USDT 1-week chart
Conversely, if traders begin to cash out the profits they have made so far, the price of Bitcoin may fall and fall below the $69,000 threshold first.
Strengthening seller momentum could push BTC price into the supply zone between $62,278 and $65,618. However, to confirm the continuation of the downtrend, Bitcoin price would need to break and close below the $64,044 average threshold.
With the Bitcoin price trying to regain its all-time highs, investors looking to diversify their profits may consider investing in GBTC. Crypto analyst Jacob Bury says that amid the Bitcoin bull run, the green alternative to BTC is one of the six best cryptocurrencies to buy right now.
A promising alternative to Bitcoin
After raising over $4.25 million from investors lured by the ongoing Bitcoin euphoria, GBTC is on a roll. This is the ticker of the Green Bitcoin Ecosystem, a revenue prediction project built on top of Ethereum infrastructure using the ERC-20 token standard.
It is a gamified staking platform where participants receive rewards for predicting the price of Bitcoin.
like #Bitcoin As we approach all-time highs, everyone on the feed is making predictions.
But Green Bitcoin is the only place where you can stake and profit on these predictions! pic.twitter.com/yGgux4u9b9
— GreenBitcoin (@GreenBTCtoken) February 16, 2024
GBTC holders will be rewarded with exponential rewards, with up to 100% token bonuses available for new challenges delivered in real-time daily and weekly.
Experts evaluate GBTC!
Bitcoin price will reach $200,000 by 2025: Standard Chartered – Green Can Bitcoin Surpass BTC? https://t.co/w2mT4kp0fo
— GreenBitcoin (@GreenBTCtoken) February 19, 2024
Staking provides an annualized return of approximately 118% and 4.8 million tokens have already been staked with distribution rewards set at a rate of 1.6$GBTC tokens per Ethereum (ETH) block. Rewards will be paid out over five months, after which the so-called Gamified Green Bitcoin Stake will be launched.
Did you know that you can earn huge profits simply by staking your green Bitcoin?
If you haven’t already checked out our staking feature, visit our website and check it out! pic.twitter.com/6wiv99ER0O
— GreenBitcoin (@GreenBTCtoken) February 25, 2024
Investors who want to buy GBTC can sell it for $0.9162 on the official website. This price tag will only last for less than 5 days before being increased.
An incredible achievement for the future of cryptocurrency and our amazing community!
Let’s listen for GREEN! pic.twitter.com/mk0kGrXrVn
— GreenBitcoin (@GreenBTCtoken) March 13, 2024
Visit GBTC here to purchase.
Also read:
Green Bitcoin – Gamified Green Staking
- Coinsult’s contract audit
- Early Access Presale Now Live – greenbitcoin.xyz
- Profit Forecast – Cointelegraph Feature
- Staking Rewards and Token Bonuses
- Over $1 million raised
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