Bitcoin Price Prediction: Michael Saylor Buys Another $615 Million BTC And This Bitcoin Derivative Roars Past $6.5 Million In Presale

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Bitcoin price is up 2% in the last 24 hours to trade for $43,229 as of 12:20 a.m. EST time even as trading volume dropped 14%.

It comes amid an ongoing cool-off, which sets the stage for an expected bull market in 2024 driven by the likely approval of a spot Bitcoin ETFs (exchange-traded funds) in January, the upcoming BTC halving event, and expectations of a rate cut as early as March.

Market sentiment is currently bullish in the crypto space, driven by factors like BTC halving and ETF buzz. However, its crucial to note that the market is also pricing in an 88 probability of a rate cut in early March next year. Keep an eye on this development as it may…

— Crypto Signals (@CryptoSignalsU) December 28, 2023

MicroStrategy Increases Its Bitcoin Holdings Ahead of 2024 Bull Market

With this outlook in mind, MicroStrategy has added an additional 14,620 BTC worth about $615.7 million at an average price of $42,110. This brings the firm’s holdings to 189,150 BTC tokens acquired for just about $5.9 billion at an average price of $31,168 per bitcoin.

MicroStrategy has acquired an additional 14,620 BTC for ~$615.7 million at an average price of $42,110 per #bitcoin. As of 12/26/23, @MicroStrategy now hodls 189,150 $BTC acquired for ~$5.9 billion at an average price of $31,168 per bitcoin. $MSTR https://t.co/PKfYY59sTW

— Michael Saylor⚡️ (@saylor) December 27, 2023

The acquisition is a continued show of confidence in Bitcoin, with the firm’s founder Michael Saylor saying, “BTC will be the standout asset of 2024.” MicroStrategy is one of the world’s largest public analytics and business intelligence corporations.

#Bitcoin will be the standout asset of 2024.pic.twitter.com/0RNrWIoV0j

— Michael Saylor⚡️ (@saylor) December 26, 2023

Saylor also says that ETF approvals will be a demand shock for Bitcoin while the halving, expected in April, will be a supply shock. ETF filers like BlackRock will need BTC but miners will have less to sell.

WHERE IS BITCOIN HEADED IN 2024?

Well, ETF approvals could start rolling out as early as next month, and the halving is expected in April. BlackRock needs BTC, miners have less to sell.

An unbreakable institutional money bolder runs into an immovable wall of low liquidity #BTC pic.twitter.com/3dLcP2VWPX

— Max | One Click 🪙 (@maxyamp) December 28, 2023

Elsewhere, a report by ETC Group says that 2023 was Bitcoin and the crypto market’s recovery year, with fundamental catalysts setting the stage for 2024.

Bitcoin Price Outlook As MicroStrategy Increases Its BTC Bucket

After a 2% surge on the day and a 17% climb in the last month, Bitcoin price continues to trade within a weekly supply zone. This bearish order block extends from $40,065 to $47,017. To confirm the continuation of the uptrend, the price must record a weekly candlestick close above the midline of the supply barrier at $43,860.

In a highly bullish case, the gains could extend for Bitcoin price to flip the $48,000 psychological level into a support floor, before springboarding above it to target higher milestones, with the $50,000 and $60,000 psychological levels presenting logical targets.

Both the Relative Strength Index (RSI) and the Awesome Oscillator (AO) indicators support the bullish thesis. The RSI shows that despite BTC being overbought, the upside potential remains plausible given momentum is still rising. The AO on the other hand shows that the bulls maintain a strong presence in the market. These add credence to the bullish outlook.

Conversely, a rejection from the midline of the weekly supply zone at $43,860 could see Bitcoin price pull south. While a slip below the $37,800 level would be threatening, the prevailing bullishness for Bitcoin price would only be invalidated upon a weekly close below the $30,000 psychological level.

Nevertheless, while Bitcoin price defends against selling pressure from a weekly supply barrier, BTCMTX, a BTC derivative, is bouldering past key milestones in its presale with the $6.5 million threshold now in the rear view mirror as stage 16 progresses.

#BitcoinMinetrix Stage 16 has commenced! 🌟

What risks or challenges could hinder #Bitcoin's future growth? pic.twitter.com/2KhBINl4CH

— Bitcoinminetrix (@bitcoinminetrix) December 27, 2023

Promising Alternative To Bitcoin

Among the best penny crypto investments with potential for explosive growth, BTCMTX is the powering crypto for the cloud-mining project Bitcoin Minetrix, commissioned to make Bitcoin ownership a reality even for the ordinary folk.

To this end, it has decentralized and tokenized the entire process, not only eliminating third parties but also bringing down entry barriers such as cost and space.

Opt for #BitcoinMinetrix for seamless mining!

Entering cloud mining and waving goodbye to concerns about selling hardware. 🚀#BTCMTX manages upgrades, empowering users to concentrate on their $BTC journey, free from outdated equipment hassles. pic.twitter.com/JX3G4zG2BP

— Bitcoinminetrix (@bitcoinminetrix) December 27, 2023

Featuring among analysts’ top picks for the best web3 crypto project, Bitcoin Minetrix is in the presale stage, recording upwards of $6.461 million out of a target objective of $7.182 million. It comes as investors continue to buy BTCMTX at stage 16 rates of $0.0125. Notably, this price tag will change in the next four days before the price increases.

This means now is the time to take advantage of the low price.

Unveiling the possibilities of $BTC through #BitcoinMinetrix! ⛏️

Cloud mining acts as an open door to #Crypto:

✨ Simple initiation for novices.
💸 Budget-friendly without hardware costs.
🌆 No concerns about space, noise, or heat.
🔧 Effortless improvements. pic.twitter.com/YEtFlTDdTZ

— Bitcoinminetrix (@bitcoinminetrix) December 25, 2023