MicroStrategy Buys 262 Bitcoins at Nearly $58,000

Michael Saylor’s MicroStrategy has bought some additional 262 Bitcoins (AU$ 19,300,000) for $57k. The crypto community was surprised the company bought at such a high price, but many believe this is only the start of a greater bull run for BTC.

How did the Community React?

Some argue that MicroStrategy bought a level considered dangerous due to heavy resistance with a double top pattern. But others think of it as a move against the potential inflation that the U.S. Dollar could face anytime soon.

The U.S. Senate has passed a COVID-19 relief bill, providing stimulus checks of $1,400 for its citizens. Naturally, this means the Federal Reserve will print 1.9 trillion in the upcoming days.

Many in the crypto community have their eyes on a $100k price for Bitcoin. Even private banks like JP Morgan predicted higher prices for BTC. The chart below shows a double top pattern, but the sentiment remains bullish.

As MicroStrategy invest $15 million at a level of $57,000, this could be the beginning of a new All-Time high, probably reaching levels over $60k in the upcoming months.

How Much Would you Have if you Invested in Crypto Back Then?

Investing in Bitcoin with $1,000 back in 2020 would result in profits of $9,000 – $10,000, considering BTC was priced at barely $7,000 back then. Likewise, traders who bought ADA last year at levels below .50 cents would be sitting on profits of $42,000 right now.

It’s worth noting that the sentiment in Australia for Bitcoin has been bullish since January. Around 70% of Aussie traders believe BTC will reach over US$ 90k by the end of 2021.