Bitcoin Price Eyes $110,000 As Michael Saylor Hints At Another Strategy Purchase
Highlights
- Michael Saylor has hinted at a major Bitcoin purchase for Strategy.
- The incoming purchase follows rising optimism for Bitcoin to set a new all-time high.
- Technicals and market fundamentals are pointing at an incoming rally for Bitcoin.
Michael Saylor has sent ripples through the cryptoverse after flashing a Bitcoin buying indicator for Strategy (formerly MicroStrategy). The incoming purchase may be an inflection point for Bitcoin price in its push to surpass its previous all-time high amid a wave of promising technicals and fundamentals.
Michael Saylor Set To Buy More BTC For Strategy
Strategy is showing no signs of slowing down its Bitcoin accumulation spree as company founder Michael Saylor hints at a fresh purchase. Saylor, in an X post, shared Strategy’s portfolio tracker, showing the Bitcoin price movement and the company’s purchases, a clear sign of an impending purchase.
Strategy’s previous Bitcoin purchases have always preceded Saylor’s portfolio tracker post with a purchase announced within 24 hours. This time, Saylor’s caption hints at a mega purchase despite the Bitcoin price, with the company keen on extending its purchasing streak.
“Never short a man who buys orange ink by the barrel,” wrote Michael Saylor on X.
According to the portfolio tracker, Strategy holds 568,840 BTC valued at $59 billion at current prices. The tracker reveals that the Bitcoin business has netted Strategy gains of $19.7 billion, with prices up by 49% since the accumulation spree.
Last week, Strategy scooped 13,390 BTC for $1.34 billion to increase its Bitcoin holdings. The company has no shortage of cash to fund its purchase spree after revealing plans to raise $84 billion to fund its acquisition streak.
Bitcoin Price Targets A New All-Time High In The Short Term
Saylor’s incoming Bitcoin purchase follows an industry-wide optimism for a near-term rally for the largest cryptocurrency. According to crypto expert Ted Zhang, Bitcoin price is approaching a breakout from a tight flag, hinting at a rally beyond $110,000 within weeks.
“Bitcoin is looking to break out from an extremely tight flag,” said Zhang. “New all-time high prices are imminent.”
Furthermore, the pseudonymous Titan of Crypto is predicting a bullish outlook for Bitcoin price, hinged on key levels. For starters, Bitcoin will have to break through key liquidity levels and trendline resistance for “things to accelerate fast.”
Outside of the charts, experts are predicting Bitcoin dominance over gold after scientists made considerable progress with lab-grown gold. Furthermore, cooling PPI data is sparking speculation for a Bitcoin price rally in the near future as US-China negotiations record progress.
However, Ukraine and Ireland are flashing signals for a potential launch of a Strategic Bitcoin Reserve while Bitcoin ETFs continue to rack up inflows. Despite the bullishness, there are fears of a Bitcoin correction to $99K from its present levels of $105,000.
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