Is This the Last Bitcoin Dip Before 100K?

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As a seasoned crypto investor with a knack for reading market trends and a penchant for taking calculated risks, I must admit that the elusive $100,000 mark for Bitcoin seems to be as evasive as the mythical unicorn. The sell walls at critical psychological levels have proven to be formidable obstacles in the past, but who knows? Maybe this Thanksgiving will bring more than just turkey and family discussions – it could be a $100,000 Bitcoin celebration!

Achieving $100,000 for Bitcoin on its initial try was seldom a realistic prospect. For far too long, numerous sellers have been eagerly anticipating this moment. Previous attempts to reach the significant six-figure threshold for Bitcoin were repeatedly halted as sellers coordinated their efforts to prevent Bitcoin’s price from rising—a pattern often observed near crucial psychological price levels.

According to the trading analysis platform, Material Indicators, FireCharts indicates a significant Bitcoin selling point concentrated within the $99,300 to $100,000 price range.

The significant concentration of sell orders, known as a “sell wall,” on Binance – the leading global cryptocurrency trading platform – was particularly noticeable and eclipsed other price levels.

As Thanksgiving nears and American families gather to share updates on life, Bitcoin enthusiasts are crossing their fingers for a reason to rejoice – maybe the price of Bitcoin has reached $100,000 by then.

Saylor to the Rescue?

If there’s anyone who might be able to drive Bitcoin over $100,000, it could very well be Michael Saylor. He currently has a purchasing power of $3 billion from his recent convertible bond offering, and just today he announced on Twitter that MicroStrategy is prepared to make another round of Bitcoin purchases.

The recently released 0% convertible senior bonds provide a 55% bonus, which translates to an estimated purchase price of approximately $672 for each share. This gives bondholders the chance to exchange their notes for MicroStrategy Class A common stock at a fixed price before they mature. If not exchanged prior to maturity, these notes will be repaid in full at their face value.

Unlike typical loans that provide regular interest payments, these notes function differently. They don’t offer recurring interest, but they carry a “senior” rank, which means bondholders are given precedence over shareholders during bankruptcy or liquidation proceedings.

Given that MicroStrategy uses all $3 billion obtained from the offering for Bitcoin acquisitions, they might procure around 30,600 Bitcoins at present rates. Such a purchase would strengthen their status as the public company with the most substantial Bitcoin reserves.

Expanding the Bitcoin Stash

The announcement expands upon a prior declaration made on November 18, aiming to garner $1.75 billion via zero percent bonds. On November 20, this amount was boosted to $2.6 billion using similar methods. These steps are included in MicroStrategy’s extensive “21/21” strategy, which aims to secure $42 billion – equally divided between equity and debt securities – over the subsequent three years, to further amass Bitcoin holdings.

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2024-11-25 12:04