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The Bitcoin price dropped 5% in the last 24 hours to trade at $61,136 as of 00:18 a.m. EST on trading volume that surged 31% to $73 billion.
This comes as MicroStrategy bought another 9,245 BTC on March 19, using $592.3 million from a recent convertible debt offering and $30.7 million in excess funds. With this purchase, the company’s total Bitcoin holdings reached approximately 214,246 BTC, surpassing 1% of the total 21 million Bitcoin supply.
MicroStrategy now hodls 214,246 BTC with approximately 16,970,000 shares outstanding.
• BTC/Share = 0.01262499 sats
• Price of 0.0126 #BTC ~ $791
• Price of 1.0 $MSTR ~ $1,339
🚨 THERE IS NO SECOND BEST ‼️
— The ₿itcoin Therapist (@TheBTCTherapist) March 20, 2024
Could substantial institutional purchases like MicroStrategy’s reverse BTC’s downtrend?
Bitcoin Price Bulls Set For A Rally Above The Bullish Pennant
The Bitcoin price surged past its previous all-time high of $69,000, reaching a new high of $73,737. The price has since fluctuated within this range, forming a bullish pennant pattern, indicating the possibility of further price increases.
However, the bears seem to have won the struggle, driving it down through a corrective stage within the channel, touching the lower boundary of the bullish pennant.
The price trades below both the 50-day and 200-day Simple Moving Averages (SMAs), coinciding with the current price correction. However, the 50-day SMA crosses above the 200-day SMA at $43,248, which confirms the general bullish momentum.
Additionally, the Relative Strength Index (RSI) trades at 28, as it retraces deeper into the oversold region. This is an indication of intense selling pressure by the bulls.
Bitcoin Price Prediction – BTC Bulls Eye A Potential Reversal To $80,000
The Bitcoin price analysis shows that BTC is currently on a downtrend, but with signs of a trend reversal to the upside, as supported by the formation of the bullish pennant and the golden cross. If this happens, the bulls could be targeting a new ATH at $80,000.
However, if the bears sustain the current downtrend, the price may slip back to the critical support zone at $59,533. If this level is breached, it may signal the start of a bearish trend, as many analysts have indicated that BTC is expected to retrace in the period before the Bitcoin halving event.
Let’s put things into context. This was the market in 2020 before and after the Bitcoin halving event on May 11th 2020.
BTC is following the same trend before the halving event with a heavy retrace. BTC went from $3700 to $61400 in 12 months. The incline will be slow and steady… pic.twitter.com/6dOtLn2kvf
— CarloDC.GRV (@CarloDCGT) March 19, 2024
Meanwhile, you may want to play the Bitcoin halving event by buying a hot new presale project called Green Bitcoin. Its predict-to-earn feature and its annual percentage yield (APY) of 89% are things many investors are eyeing.
Green Bitcoin Presale Closes In On $7.4 Million Target
Green Bitcoin (GBTC) is an eco-friendly alternative to Bitcoin that introduces Gamified Green Staking, allowing users to earn exponential rewards and token bonuses. Focusing on environmental sustainability, the project merges Bitcoin’s legacy with the more eco-conscious characteristics of the Ethereum blockchain.
Introducing Green Bitcoin: A Revolutionary Predict-To-Earn Token.
Join us on our Gamified Green Staking Platform, where your predictions can turn into profits!
Website: https://t.co/dG5cEeCtRs
Telegram: https://t.co/bWanoe0vHv pic.twitter.com/eXuGQBkxio— GreenBitcoin (@GreenBTCtoken) December 3, 2023
Using the Gamified Green Staking initiative, Green Bitcoin allows users to earn rewards through the unique Predict-to-Earn feature. You predict Bitcoin’s daily price movements and earn rewards based on accuracy and how much you stake.
Such an interesting approach has continued to attract attention from the community, with the presale already garnering over $6.7 million as it hurtles toward its target of $7.4 million.
To celebrate $6M we’re launching our GBTC GIVEAWAYS!
To enter, simply: Like + RT + Tag a friend!
The first prize is a $200 GBTC Airdrop. THERE WILL BE MANY MORE! Winner will be announced in replies in 24hrs. pic.twitter.com/k0sxIFOMnQ
— GreenBitcoin (@GreenBTCtoken) March 18, 2024
Stake $GBTC, 89% Annual Rewards
You can also earn passively through the platform’s staking option, where you stake $GBTC for an 89% annual percentage yield (APY). Holders on the platform have already staked 6.4 million $GBTC tokens.
Popular YouTuber and crypto analyst Matthew Perry says that he is a fan of the predict-to-earn model and that the token’s potential “looks absolutely amazing.”
To participate early in the project, you can invest just $1.1062 before the price increases in slightly more than four days.
You can purchase $GBTC tokens on the official Green Bitcoin website, where you can exchange ETH or USDT for $GBTC, or buy them directly with your bank card.
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