Sharp Correction Before Halving, Liquidations Surge And Michael Saylor's MicroStrategy Continues to Acquire Bitcoin
After hitting a new ATH at $73,800, Bitcoin (BTC) reversed its direction downwards and fell to $62,410 today with a sharp correction. With the sharp decline of Bitcoin, millions of dollars were liquidated. And Michael Saylor's MicroStrategy continues to buy Bitcoin and remain bullish.
Bitcoin (BTC) 2-Hour Chart
Bitcoin (BTC) is currently trading at $64,217. Although it dropped to $62,410 today, it quickly rebounded above $64,000. Actually, today's sharp correction was not a big surprise, I was already expecting a sharp correction before the halving. I predicted that Bitcoin would drop to $65K with a sharp correction, but I can say that it was a slightly sharper correction than I expected but there is nothing to worry me about, so I remain bullish.
Liquidation Heatmap
During a sharp correction, there was a significant increase in liquidations and a large portion of investors who believed that Bitcoin would rise were liquidated. More than $460 million was liquidated in the last 24 hours.
Bitcoin Halving Countdown
There are only 4,610 blocks left until the Bitcoin halving, meaning approximately 32 days left. Block halving occurs every 4 years or every 210,000 blocks on the Bitcoin blockchain. Bitcoin's first block reward was 50 BTC and the current block reward is 6.25 BTC, while the next block reward (i.e. in about 32 days) will be 3,125 BTC. That is, the rate at which Bitcoins are produced will decrease. In short, Bitcoin halvings reduce the rate at which Bitcoins are generated. So far in Bitcoin history, the price of Bitcoin has increased before or after every halving.
MicroStrategy Completes $603.75 Million Offering of Convertible Notes at 0.875% Coupon and 40% Conversion Premium $MSTR
MicroStrategy has acquired an additional 9,245 BTC for ~$623.0M using proceeds from convertible notes & excess cash for ~$67,382 per #bitcoin. As of 3/18/24, $MSTR hodls 214,246 $BTC acquired for ~$7.53B at average price of $35,160 per bitcoin.
Software firm and Bitcoin development company MicroStrategy (MSTR) acquired another 9,245 Bitcoin (BTC) for $623 million, or about $67,400 per coin. MicroStrategy, led by Executive Chairman Michael Saylor, acquired Bitcoin using cash in addition to raised from its most recent convertible deft offering. Now MicroStrategy holds 214,246 BTC, which is more than 1% of the 21 million Bitcoin that will ever exist. MicroStrategy acquired 214,246 BTC at an average price of $35,160 for $7.53 billion. According to the current Bitcoin price, 214,246 BTC is worth more than $13.75 billion. It is truly admirable that Michael Saylor remains bullish in both the bear market and the bull market. Michael Saylor is the strongest bull I know in the crypto market and his speeches and investments inspire me. I have no doubt that Michael Saylor will be appreciated in the future as well.
Also, a very interesting event took place in the crypto market today. Large sell orders pushed the price of Bitcoin below $9,000 on BitMEX. According to Tradingview data, this collapse lasted approximately 8 minutes and Bitcoin hit its lowest level in the last 4 years on BitMEX.
Selling pressures have increased in the crypto market lately, especially after Bitcoin hit a new ATH at $73,800, and therefore sharp declines were inevitable. In my previous posts, I wrote that there was a possibility of a sharp decline, and that I predicted that Bitcoin could fall as low as $65K during the correction, however it was a slightly sharper decline than I predicted. However, I do not expect a further decline, but still, anything can happen in the crypto market at any time, so it is better to be careful. I think the selling pressure will ease soon, and then I believe that many cryptocurrencies with a solid infrastructure, especially Bitcoin, will continue their bulish trend.
Frankly, declines sometimes present good opportunities and allow me to buy more of the assets I want to invest. Especially lately, I only buy HIVE.
HIVE Daily Chart
HIVE is currently trading at $0.36. After HIVE rose above $0.4, I was very worried that I wouldn't be able to buy more HIVE, but the declines in the crypto market turned out to be a great opportunity for me and I bought some more HIVE recently. I will continue to buy more as long as it is below $0.4.
Frankly, I am very optimistic about Bitcoin and HIVE, but I have no plans to buy more Bitcoin, instead I will continue to accumulate cryptos with a solid infrastructure like HIVE.
Thank you for reading
@rtonline
This is not investment advice,I am just talking about current developments and only my personal opinions. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.
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