Bitcoin Price Prediction as Billionaire Michael Saylor Buys $150 Million Worth of Bitcoin – What’s Going On?
In recent news, billionaire Michael Saylor has made headlines by purchasing a staggering $150 million worth of Bitcoin, further solidifying his position as a prominent advocate for the world’s leading cryptocurrency.
This significant investment has stirred up discussions around the future trajectory of Bitcoin’s price and its implications for both investors and the market at large.
MicroStrategy repaid its $205M Silvergate loan at a 22% discount. As of 3/23/23, $MSTR acquired an additional ~6,455 bitcoins for ~$150M at an average of ~$23,238 per #bitcoin & held ~138,955 BTC acquired for ~$4.14B at an average of ~$29,817 per bitcoin. https://t.co/ALp9VLkTpt
— Michael Saylor⚡️ (@saylor) March 27, 2023
As more high-profile figures like Saylor place their bets on the digital currency, it becomes increasingly important to examine the factors that could influence Bitcoin’s value and explore the potential outcomes of this growing trend.
Surge in Crypto Popularity Amid Financial Uncertainty
The worldwide cryptocurrency market has witnessed a remarkable surge in popularity, particularly as the recent US financial crisis has led to diminishing trust in conventional banking institutions. Bitcoin (BTC), the most prominent digital currency, has seen considerable value appreciation within the past month.
BTC price action is copying historical patterns to deliver a classic #Bitcoin bull market comeback. pic.twitter.com/N4jKXmooU3
— EPLO- Exchange Project Link Office (@EPLO_io) March 27, 2023
Nonetheless, the US banking crisis has been a major catalyst in steering clients towards cryptocurrency trading, as they search for secure assets such as Bitcoin to protect their investments.
This is demonstrated by the growing number of US investors, encompassing institutional ones, who are acquiring substantial amounts of Bitcoin with the anticipation that it may ultimately supplant the US dollar as the global reserve currency.
JUST IN: Bitcoin Liquidity Hits 10-Month Low Amid US Banking Crisis. $BTC #DeutscheBank #BankingCrisis pic.twitter.com/YRttzR2t8I
— Crypto Avanza (@AvanzaCrypto) March 25, 2023
In addition, recent developments have shown Chinese banks exhibiting openness to accommodating Hong Kong-based cryptocurrency companies, reflecting a favorable attitude towards the crypto sector.
Chinese state-owned banks step up to woo crypto firms
— Enbazmedia🛸 (@enbazmedia) March 27, 2023
The Hong Kong banking industry looks to attract corporate crypto business in the wake of Operation Chokepoint 2.0. #BTC #Crypto #ETH @enbazmedia pic.twitter.com/2n56lWhEc9
This is considered another significant factor that could potentially boost Bitcoin’s value even further.
Bitcoin Price
The current live price of Bitcoin stands at $27,044, accompanied by a 24-hour trading volume of $18.3 billion. Over the past day, Bitcoin has seen a 3% decrease in value. As per CoinMarketCap, it holds the #1 ranking, boasting a live market capitalization of $522.7 billion.
According to technical analysis, the BTC/USD pair is displaying a volatile pattern at present, with the possibility of encountering resistance around the $28,900 level. So far, the technical perspective remains relatively unchanged, as Bitcoin continues to hover near the $27,900 price point.
Should the BTC/USD pair succeed in breaking through the resistance level at $28,950, it could lead to an increase in Bitcoin’s value, with the possibility of the price climbing to $29,200 or even $30,700.
On the other hand, if a downward trend emerges, Bitcoin’s price is anticipated to encounter robust support levels at approximately $26,600 and $25,200.
Top 15 Cryptocurrencies to Watch in 2023
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Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.