$1 Billion worth of buying is going to come into the Bitcoin Market tomorrow from a single source...
Bitcoin is holding the recent gains, and for good reason, there's another big chunk of buying coming in tomorrow
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:
(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)
Ready for lift-off?
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.
-Doc
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https://twitter.com/IAM__NONSO/status/1362519207691374594
The bull hit me at the wrong time. All these positive news and price actions are making me go gaga. This is the first time I am experiencing a bull market and it is fun to watch. Bitcoin at $100k doesn't seem far fetched
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The really neat thing... it hasn't even gotten to the really fun part yet! :)
This is very helpful news!! Bitcoin has come a long way but still has so much more to pace to move
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If past patterns are any indication, that's exactly right.
I like the way you analyzed the unforeseen circumstances.
I also thank you for sharing such a good info.
I think I'll buy some before they buy theirs tomorrow
The way they have done it in the past has been through thousands of micro transactions, getting their money in without impacting the price much. It will be interesting to see if there are able to do the same again tomorrow...
Hmmm
I think they will really do it in a more quiet way today.
This may be attributed to the ban on Cryptos in some countries and some of them might be from those countries. They wouldn't want to be noticed
Hmmm
I think they will really do it in a more quiet way today.
This may be attributed to the ban on Cryptos in some countries and some of them might be from those countries. They wouldn't want to be noticed
at this point I no longer know what the new minimum of BITCOIN will be, it seems difficult that in the future it can go down to $ 20,000.
Yea you listened to the wrong people. It's probably not going to hit $20k again for a long long time, if ever.
So weird that $1B worth of Bitcoin is less than 20k BTC now... I guess if you're MicroStrategy you have so much BTC already that you don't really mind if someone tries to frontrun you... because you're already frontrunning them with all the stake you bought beforehand.
Plus... isn't that $1B not even their money? They are basically letting the world frontrun institutional money that doesn't even belong to them.
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Good point. Technically they are letting everyone front-run the investors of the notes. It will be interesting to see how long they can keep doing these... I suspect this won't be the last...
There is much movement ahead more investors are embracing and buying btc which is certainly more bull run
Good analysis! Enjoyed reading it. About the 30% corrections, I was watching 2017 Bull market and noticed every single correction was roughly 30%, quickly followed by new ATH so in my mind we should see roughly the same kind of 30% corrections the following months preceding a new ATH. Anyways great post and good luck with your investments!
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Exactly. I have some posts several weeks backed that talked about those patterns. Lot of good info in those about what I am expecting during this bull market.
That would be really awesome to see those numbers. That 30% pull back could be rough though. Even though we all know that it won't last just by looking at the charts. That 50k mark seems to be a huge psychological barrier and to see the price drop back below that would just feel bad. I guess the big corporations don't really do psychological barriers though :)
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Well... it could also rally to about $70k before that pullback and then maybe the pullback is only to $50k or so. I wouldn't be surprised if the price dipped back under $50k at some point though.
You are probably correct!
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@tracemayer called this years ago.
Called what exactly?
It was like 2014 and he was confident Bitcoin would rise to ridiculously high prices as we have today.
Yea I think a lot of people predicted that pretty high numbers could happen with BTC, though few actually believed it would happen.
I was accepting a $15 price point for a long time. When it ATH at $30, I thought just maybe it might go above $30 again.