Category: business

Michael Saylor, the executive chairman of MicroStrategy, which recently rebranded to Strategy, has once again drawn attention to the company’s aggressive Bitcoin acquisition strategy by reviving and actively utilizing the public BTC Tracker. What Is The Bitcoin Tracker And Why Does It Matter Michael Saylor has once again released the Strategy Bitcoin tracker, a chart that the market has come to watch closely. According to the X post, the latest buy brings Strategy’s total Bitcoin treasury holdings to 639, 835 BTC, which is approximately $70. 01 billion. Related Reading: Michael Saylor Says Bitcoin Is Not Just An Asset; What Is It Then? CryptosRus has stated that the familiar orange dots continue their steady climb upward and to the right, a simple yet powerful indicator hinting that additional BTC buys may be on deck. Every time this chart comes out, the market leans in. Saylors conviction has transcended simple corporate policy to become a genuine market signal. An analyst known as BitBull has confirmed a crucial turning point for the Bitcoin market, highlighting that BTC Open Interest has fallen to its lowest level in a month, effectively wiping out all the leverage that had built up during September. BitBull views this deleveraging event as a positive and healthy development for the market. By purging excessive leverage, the market is now considered to be in a healthier state, which could set the stage for a reversal upward in BTC price. Why The Current Bitcoin Run Is Only The Beginning Market analyst Zynx has offered insights into the BTC market and future price targets, pointing out that the bull market is still in its early stages and has significant room to run. He stated that BTC needs to cross $151,000 just to equal its all-time high in Gold, which suggests a specific metric where BTC’s price, relative to the price of an ounce of gold, would match its previous peak ratio. Related Reading: Bitcoin Daily RSI At Most Oversold Level Since April Time To Buy? Historically, every cycle since the inception, BTC has more than doubled its price in Gold at a minimum, usually much more than that. However, the $300,000 target is looking increasingly realistic. While it is impossible to give a time frame, if history repeats, crossing the $151,000 all-time high within the next six months is expected. Furthermore, what makes this cycle fascinating is the macro overlay. Some analysts, such as EneaDenkt and others, are using the US Business Cycle Institute for Supply Management (ISM) as a key indicator for predicting the timing when BTC will peak. Zynx concluded by acknowledging that this is definitely a very interesting time for the BTC rally, and this cycle will definitely be like no other. Featured image from Pixabay, chart from Tradingview. com.