Not only did Michael Saylor and MicroStrategy announce they are going to buy $900 million worth of bitcoin, technically it could go over a billion, but they announced it before they actually did it.
That is a pretty bold move if you ask me...
Can you imagine dumping $1 billion into an investment and telling the whole world about it before you do it? Letting everyone and their dog front-run you if they wanted... (no I don't think any dogs actually bought bitcoin, they prefer DOGE of course).
Based on news from the company the roughly $1 billion in convertible notes is said to be raised by tomorrow (Friday), and once it is raised it is said it will go into the bitcoin market almost immediately to buy more bitcoin.
More on that can be seen here btw:
So, if you are curious why the price of bitcoin is holding up so well right now (or perhaps you are not), it's because the recent gains were simply front running Saylor and co.
While their buys might not technically move the market, when we have a setup like this, they just may:
To me the above chart looks like a chart that is ready to absolutely fly...
Based on the previous surge prior to our recent consolidation, I'd say this chart looks like it wants to go to about $55k on the next leg up.
Ultimately I think we are going north of $60k before another significant correction, which I think will probably be in the ballpark of 30% yet again.
Interestingly enough, a drop from $60k down to about $42k is about 30% or so... which is where we sort of broke out from before...
Not that I expect that exact setup to play out, I do expect this current move to go at least 100% form the lows at $29k, and no more than 200% (the average gain being 153%), before our next 30% correction.
It's the same pattern we saw back in 2017 play out about 6-7 times throughout the year on the way to the eventual peak.
Until history stops repeating, I'm going to keep on riding it!
Stay informed my friends.
Posted Using LeoFinance Beta