Bitcoin Price Prediction: As MicroStrategy Raises Another $500 Million to Buy More BTC, Experts Say This Small-Cap ICO Is the Best Crypto Buy Right Now

The price of Bitcoin has risen nearly 2% in the past 24 hours, trading at $73,356 as of 02:24 EST. Despite the pullback across the market, this has not stopped MicroStrategy, a business intelligence company co-founded by Michael Saylor, from continuing to increase its investment in Bitcoin. Just one week after completing an $800 million financing, MicroStrategy has proposed a second fundraising plan to acquire more Bitcoin. MicroStrategy used convertible bonds and excess cash to purchase an additional 12,000 Bitcoins at a price of $68,477 per Bitcoin. As of March 10, 2024, MicroStrategy holds 205,000 Bitcoins, purchased at an average price of $33,706 per Bitcoin, with a total value of approximately $6.91 billion. Now, Saylor is proposing to raise another $500 million in convertible bonds "to acquire more Bitcoin." As of now, MicroStrategy holds 205,000 Bitcoins, worth approximately $15 billion. The business intelligence company earned a return of $8.1 billion on its Bitcoin investment, an increase of 1,17%.
Bitcoin Price Outlook: MicroStrategy Increases Bitcoin Purchases
The Bitcoin price continues to hold above the $73,000 threshold and is expected to rise further. The next target for Bitcoin is the $82,131 milestone, which is where Bitcoin is expected to face resistance due to the rising trend line connecting the highs of the previous cycle. There is still potential for further gains. This can be seen from the rising trend of the Relative Strength Index (RSI), which points to rising momentum, which is also supported by the growing volume of the Satisfactory Excitement Oscillator (AO), which shows that the strength of the bulls in the Bitcoin market is strong. The growing volume indicator bar, flashing green, shows that the bull trend remains strong and also strengthens the bullish outlook. The strengthening of the momentum of buyers among the bulls may enable the Bitcoin price to break through the $75,000 milestone and reach the psychological level of $80,000. In a highly bullish scenario, the gains may extend to the predicted $82,131 level, and such a gain will exceed the current level by about 12%.
On the contrary, if traders start to cash in profits, the Bitcoin price may fall, first breaking below the $69,000 threshold. If the seller momentum strengthens, the Bitcoin price may enter the supply zone between $62,278 and $65,618. However, to confirm the continuation of the downward trend, the Bitcoin price must break and remain below the average threshold of $64,044.
As Bitcoin prices struggle to recover their all-time highs, investors seeking diversified gains could consider investing in GBTC. Cryptocurrency analyst Jacob Bury said the green alternative is one of the six best cryptocurrencies to buy right now as the Bitcoin bull run begins.
GBTC is a prediction profit project built on the Ethereum infrastructure and using the ERC-20 token standard. It is a gamified staking platform where participants are rewarded for predicting the price of Bitcoin. Staking offers an estimated annual return of 118%, 4.8 million tokens have been staked, and the rate of distribution of rewards is 1.6 GBTC tokens per Ethereum (ETH) block. The rewards will be distributed within 5 months, after which the so-called gamified green Bitcoin staking will be launched. Investors who want to buy GBTC can do so on the official website at a price of $0.9162. This price tag will rise in less than five days.
Please join our Telegram channel to get the latest news coverage.