Bitcoin Giant Made a Large Purchase! Analyst Expects It to Double!

BTC price fell below $65,000 due to ETF outflows and demand concerns. In this process, Bitcoin giant MicroStrategy recently announced that it purchased a significant amount of BTC. Meanwhile, an analyst from CryptosRUs believes Bitcoin will double in 15 days based on historical patterns.

MicroStrategy, warehouses ‘Bitcoin’ filled it with!

MicroStrategy purchased 11,931 BTC between April 27 and June 19, 2024 at a price of $65,883 per BTC for a total price of $786 million. This attack shows MicroStrategy’s continued commitment to Bitcoin. In a recent 8-K Securities and Exchange Committee (SEC) filing, MicroStrategy stated that it used proceeds from a private offering of convertible senior notes and excess cash to fund this acquisition. The firm completed the private offering on June 18, 2024.

Additionally, it was announced that MicroStrategy raised $800 million from the offering, which included a 2.25% coupon and a 35% conversion premium over the average price of the Class A stock. This measure includes the primary buyers exercising their option to purchase an additional $100 million of bonds. Michael Saylor, founder and president of MicroStrategy, shared his comment on this acquisition process:

MicroStrategy purchased another 11,931 BTC for approximately $786.0 million using proceeds from convertible notes and excess cash for approximately $65,883 per BTC. As of today, MSTR has purchased 226,331 BTC for approximately $8.33 billion at an average price of $36,798 per Bitcoin.

Analyst: Bitcoin price will double in just 15 days!

cryptokoin.com As you’ve seen from , this week Bitcoin has seen significant selling pressure due to flurries of demand and ETF outflows. In the process, it fell below the critical $65,000 support level for the second week in a row. BTC, which is down over 12% from its peak, shows that market sentiment is shifting towards the bearish trend. Notably, major spot Bitcoin ETFs experienced a total net outflow of $145.9 million, led by Fidelity Wise Origin Bitcoin Fund (FBTC). Outflows aggravated following the Fed’s decision to keep interest rates between 5.25% and 5.50%. However, the Fed gave hints of a possible interest rate cut later this year.

Despite the current negative trend, analyst George from CryptosRUs remains optimistic about Bitcoin’s future. George predicts that the price of Bitcoin will potentially double within 15 days, citing historical examples where Bitcoin has recovered strongly following periods when it gained valuable interests in the US stock market. Earlier this year, Bitcoin showed its resilience by rising 80% after a major decline. George underscores Bitcoin’s solid fundamentals amid media setbacks and economic uncertainties such as inflation. Factors such as the decrease in supply resulting from halving events and increasing global demand stand out as the main factors expected to feed significant price increases in the future.