Michael Saylor Shares ‘Rare’ Bitcoin Stat; Is It A Buy Opportunity?
Michael Saylor, the executive chairman and a co-founder of MicroStrategy, revealed an interesting metric on Bitcoin BTC price. In the context of the spot Bitcoin ETF filings in recent times, MicroStrategy gains prominence as it currently holds the status of being the largest institutional investor in Bitcoin in the world.
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BTC’s Rare Flip Below Average
On Monday, August 28, 2023, Saylor shared a statistic on BTC price that shows Bitcoin historically trading below the crucial 200 Week Moving Average. Generally, this position has been associated with a bullish wave. Hence, Michael Saylor is indicating that in the current price range, the cryptocurrency is trading at a buy zone, with a potential for upside. “Rarely does $BTC trade below its 200 Week Moving Average,” he said in a tweet.
Interestingly, this is one of those rare occasions when the MicroStrategy co-founder shared technical aspects of Bitcoin, unlike the usual statements he makes on the potential of the cryptocurrency.
What Could Impact BTC Price In Near Term
Earlier, CoinGape reported expert comments that the BTC price could likely rally all the way to the $150,000 range if the spot Bitcoin ETF gets approved. In the first week of September 2023, the U.S. Securities and Exchange Commission (SEC) is scheduled to give an update on the ETF filings by several financial companies, including the likes of Blackrock.
Meanwhile, MicroStrategy is set to continue its purchasing of Bitcoin, growing from 152,800 BTC in total currently.
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