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MicroStrategy (NASDAQ: MSTR), the world’s largest corporate holder of Bitcoins, declared the fresh purchase of BTC worth a staggering $340 million, on Tuesday, June 27.
In the latest announcement, MicroStrategy chief Michael Saylor announced that the software intelligence firm has bought a 12,333 Bitcoin on Tuesday. In a message on Twitter, Saylor wrote:
MicroStrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per #bitcoin. As of 6/27/23 @MicroStrategy hodls 152,333 $BTC acquired for ~$4.52 billion at an average price of $29,668 per bitcoin.
Ever since their making entry into Bitcoin back in September 2022, MicroStrategy has been periodically purchasing Bitcoins at regular intervals. The company has managed to hold strong even during the crypto winter of 2022.
Michale Saylor has been one of the biggest advocates of Bitcoin and believes it to be a strong store of value under the current inflationary conditions in the global economy. Furthermore, Saylor has been a strong advocate of Bitcoin’s Layer-2 scalability platform i.e. the Lightning Network, and believes that one day it will achieve a transaction processing capability greater than VISA.
Spain's largest bank @BancoSantander estimates the #Lightning⚡️ network is capable of processing millions of transactions per second (100x more than VISA).https://t.co/dmGZagmlbi
— Michael Saylor⚡️ (@saylor) June 26, 2023
Bitcoin Institutional Accumulation, BTC Price to $60,000?
Ever since BlackRock and other financial giants filed for the spot Bitcoin ETFs this month, the BTC price has been on an uptick and gained over 20% in less than a month.
On-chain data confirms that institutional participation in cryptocurrencies, particularly Bitcoin, has skyrocketed with Bitcoin investment products seeing inflows of nearly $187 million last week. The latest announcement from MicroStrategy further strengthens institutional inflows in the asset class.
With the recent Bitcoin price action, analysts have already started giving bullish price predictions. Top Bitcoin analyst MustStopMurad says that a BTC price of $60,000 is very much possible this year.
Bitcoin has been ranging since 2018… if you adjust for the M1 money in circulation
2018 6K level
2019 6K level
2021 30K level
2022 30K levelThey're actually all the "same" level.
The good news is that it looks like we're retaking this level, despite M1 shrinking for a year pic.twitter.com/v79rv9IZO5
— Murad (@MustStopMurad) June 26, 2023
Murad makes his assumptions based on the M1 money supply. Critical levels for Bitcoin were observed at $6,000 in 2018 and 2019, and $30,000 in 2021 and 2022. Interestingly, when considering M1 levels, these values align closely. Although the M1 supply for BTC has grown over the years, Murad believes that Bitcoin could potentially reclaim the $60,000 mark. If his analysis based on M1 supply holds true, we can anticipate a rise in Bitcoin price predictions.
Also, the upcoming Bitcoin halving event next year in mid-2024 could provide an additional catalyst to the BTC price.
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