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The Bitcoin price climbed almost 2% in the past 24 hours to trade for $73,356 as of 02:24 EST time on trading volume that plunged 20%.
It comes despite a broader market cool-off that’s failing to prevent business intelligence firm MicroStrategy, co-founded by Michael Saylor, from doubling down on BTC.
MicroStrategy is on its second fundraising plan this month to acquire more BTC, barely a week after completing an $800 million raise that helped scoop up another 12,000 Bitcoin.
MicroStrategy has acquired an additional 12,000 BTC for ~$821.7M using proceeds from convertible notes & excess cash for ~$68,477 per #bitcoin. As of 3/10/24, $MSTR hodls 205,000 $BTC acquired for ~$6.91B at average price of $33,706 per bitcoin. https://t.co/YayyKtpz8d
— Michael Saylor⚡️ (@saylor) March 11, 2024
Now Saylor is proposing raising another $500 million of convertible notes, again “to acquire additional Bitcoin.”
MicroStrategy Announces Proposed Private Offering of $500 Million of Convertible Senior Notes $MSTR https://t.co/nRxijBHsgX
— Michael Saylor⚡️ (@saylor) March 13, 2024
MicroStrategy has a stack of 205,000 BTC right now, worth approximately $15 billion. The business intelligence firm is up $8.1 billion, or 117%, on its BTC investments so far.
Bitcoin Price Outlook As MicroStrategy Doubles Down On BTC Purchases
The Bitcoin price continues to hold above $73,000 threshold, with prospects for more gains. The next target for BTC is the $82,131 milestone, where the pioneer cryptocurrency is expected to confront resistance due to the ascending trendline that connects previous cycle tops.
There remains potential for more gains. This is seen with the climbing Relative Strength Index (RSI), which points to rising momentum and is reinforced by the growing volumes of the Awesome Oscillator (AO), suggesting a strong presence of the bulls in the BTC market.
The growing bars of the volume indicator, flashing green, as the bullish trend remains strong, also reinforce the bullish outlook. Enhanced buyer momentum among the bulls could see the Bitcoin price extend past the $75,000 milestone to hit the $80,000 psychological level.
In a highly bullish case, the gains could extend to the forecasted $82,131 level, with such a move constituting a climb of about 12% above current levels.
TradingView: BTC/USDT 1-week chart
Conversely, if traders begin to cash in on the gains made so far, the Bitcoin price could drop, first slipping below the $69,000 threshold.
Enhanced seller momentum could see BTC price foray into the supply zone between $62,278 and $65,618. To confirm the continuation of the downtrend, however, the Bitcoin price must break and close below the $64,044 mean threshold.
While the Bitcoin price pushes to reclaim its all-time high, investors looking to diversify their gains can consider investing in GBTC. Crypto analyst Jacob Bury say this green alternative to BTC is among the six best cryptos to buy now as the Bitcoin bull run gets underway.
Promising Alternative To Bitcoin
After raising over $4.25 million from investors drawn by the allure of the ongoing Bitcoin euphoria, GBTC is on a roll. It is the ticker for the Green Bitcoin ecosystem, a predict-to-earn project built atop Ethereum’s infrastructure using the ERC-20 token standard.
It is a gamified staking platform with participants earning rewards by predicting the Bitcoin price.
As #Bitcoin approaches all-time highs, everyone on your feed is making predictions.
But Green Bitcoin is the only place where you can STAKE and EARN on those predictions! pic.twitter.com/yGgux4u9b9
— GreenBitcoin (@GreenBTCtoken) February 16, 2024
There are exponential rewards for GBTC holders and up to 100% token bonuses for the fresh challenges presented live daily and weekly.
The experts weigh in on GBTC!
Bitcoin Price to Hit $200,000 by 2025: Standard Chartered – Can Green Bitcoin Outperform BTC?https://t.co/w2mT4kp0fo
— GreenBitcoin (@GreenBTCtoken) February 19, 2024
Staking offers an estimated 118% annual return and already 4.8 million tokens have been staked with the distribution rewards set at a rate of 1.6 $GBTC tokens per Ethereum (ETH) block. The rewards will be disbursed over 5 months, after which so-called Gamified Green Bitcoin Staking will be launched.
Did you know you can earn HUGE, simply by staking your Green Bitcoin?
If you haven’t yet, go to our website and check out the Staking feature! pic.twitter.com/6wiv99ER0O
— GreenBitcoin (@GreenBTCtoken) February 25, 2024
Investors looking to buy GBTC can do so on the official website, where it is selling for $0.9162. This price tag will only last for less than five more days before an increase.
An unbelievable achievement for the future of crypto, and our incredible community!
Let’s hear it for GREEN! pic.twitter.com/mk0kGrXrVn
— GreenBitcoin (@GreenBTCtoken) March 13, 2024
Visit and Buy GBTC here.
Also Read:
Green Bitcoin – Gamified Green Staking
- Contract Audited by Coinsult
- Early Access Presale Live Now – greenbitcoin.xyz
- Predict To Earn – Featured In Cointelegraph
- Staking Rewards & Token Bonuses
- $1+ Million Raised
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