MicroStrategy and Michael Saylor have been supporting Bitcoin for a really long time now, and the company has been buying the king coin despite the massive market volatility.
Now, the company bought even more BTC.
MicroStrategy has purchased an additional 5,050 bitcoins for ~$242.9 million in cash at an average price of ~$48,099 per #bitcoin. As of 9/12/21 we #hodl ~114,042 bitcoins acquired for ~$3.16 billion at an average price of ~$27,713 per bitcoin. $MSTRhttps://t.co/2ESbTy6ad7
— Michael Saylor⚡️ (@michael_saylor) September 13, 2021
A follower said: “Microstrategy is a disaster waiting to happen. Does the business actually do anything besides buy more Bitcoin to prop up the price?? One thing i’ve noticed is everytime Microstrategy buys BTC it usually dumps in the days after.”
Someone else responded to the person above with the following words: “The man turned a $500M company into a $6BN company and you’re giving him financial advice.”
Bullish news about Bitcoin
More bullish news about Bitcoin pops up on a daily basis, despite the massive crypto price volatility.
Check out what important analyst Will Clemente said recently.
93% of Bitcoin’s supply hasn’t moved in at least a month.
This is an all-time high. Just another metric showing how bullish supply dynamics are. pic.twitter.com/Rx6TuVkdYW
— Will Clemente (@WClementeIII) September 12, 2021
The king coin is now priced above $44,700.
Crypto analyst Justin Bennett says one price level for Bitcoin could determine what happens to BTC the rest of the year.
He explained that he thinks a correction to the $40,000 range for Bitcoin seems logical and that whatever happens after BTC hits that level could say a lot.
“A pullback to the $40,000 key weekly level makes a lot of sense here. That doesn’t mean it will happen, but it’s a scenario worth considering.”
He also said that Bitcoin might be showing a similar pattern to April when BTC formed a local top.