While people are afraid of bitcoin correction MicroStrategy has acquired 18,300 BTC for ~$1.11 billion at ~$60,408 per bitcoin and has achieved BTC Yield of 4.4% QTD and 17.0% YTD. As of 9/12/2024, we hodl 244,800 BTC acquired for ~$9.45 billion at ~$38,585 per bitcoin.
Wall street journal is explaining difference between this crypto market and market in 2021. All lot has changed now.
Bitcoin may look boring as there is no major price action happening. It is consolidating in 65-70K range. But, we should also look at the demand of Bitcoin ETF. Total of 12600 BTC was purchased on 4th June using Bitcoin ETF. As the demand of Bitcoin is sky rocketing, price appreciation will follow.
Bitcoin halving is finally approaching. Block halving events occur every four years or after 210,000 blocks on the Bitcoin blockchain. Initially, Bitcoin’s block reward was 50 BTC. Presently, the block reward stands at 6.25 BTC, with the next reward set to decrease to 3.125 BTC. This systematic reduction in rewards decreases the pace at which new Bitcoins are created, as the halving process is pre-programmed into Bitcoin’s underlying code. Historically, the halving has brought a big bull run in Bitcoin history. In last cycle, Bitcoin had halving on May 2020 and the price was 8602 $. It reached 56 705 $ after a year. I think this time is no different and there will be bull run around. Act accordingly.
Bitcoin has breached 70k level and inching towards 72k. Generally, after breaching previous all time high it does for price discovery. Historically, this time Bitcoin goes nuts and runs hard. Get ready for some volatility
Great talk about Bitcoin mining and future by Fred Thiel, CEO Marathon Digital
Bitcoin is in bull market. It has already made all time high. After it strongly breach last ATH level, it rallies rapidly. One thing to note is there will be pull backs in between just like previous years. Do not panic sell. Long way to go.
To me Bitcoin is rising due to supply shock. There is huge demand of Bitcoin due to spot ETF and very less Bitcoin supply.
Bitcoin has crossed 57000 USD and approaching all time high. It may seem quite bullish as it has gained more than 10% in 24h. But retailers have not arrived it. In any bitcoin cycle, it generally ends with retailers fomoing in Bitcoin. I am monitoring bitcoin interest over time on google trends. It’s good indicator of Bitcoin interest for retailers. Patience is the key here.
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