According to CoinWorld:
Long-term holders of Bitcoin have been actively purchasing.
MicroStrategy’s convertible bonds will enable more people to buy Bitcoin.
Bitcoin [BTC]
The cryptocurrency market has rebounded and continues to perform strongly after six months of stagnation. The behavior of long-term holders is crucial for BTC traders, providing insights into trading timing.
Over the past two months, long-term holders have accumulated more BTC, marking the highest accumulation period in the last three years. Additionally, since 2022, these investors and newcomers have jointly purchased over 1 million BTC.
This aggressive buying behavior indicates strong confidence in Bitcoin’s future. Recently, some of the earliest Bitcoin mining addresses have become active, further increasing the long-term supply of Bitcoin.
MicroStrategy (MSTR), ranked among the top ten in the S&P 500 index, has continued to support Bitcoin with a growth of over 1000% since adopting its BTC strategy. Recently, MSTR issued $1 billion in convertible bonds at a low interest rate of 0.625%, redeeming $500 million in senior secured notes at a rate of 6.125%, thereby funding the purchase of Bitcoin.
This move has reduced the blended interest rate from 1.6% to 0.81%, lowering annual interest expenses. Notably, this debt issuance has also strengthened MicroStrategy’s balance sheet, providing the potential for further acquisitions of Bitcoin even if BTC prices decline.
Acquisitions by major institutions like MSTR are laying the groundwork for Bitcoin’s future growth.
3-Day MACD Cross for Bitcoin Bullish
Furthermore, the 3-day MACD for BTC has entered a bullish territory, indicating that BTC trading prices have exceeded $63,000 and are continuing to strengthen. With Bitcoin poised to break through the $65,000 level soon, it is demonstrating resilience and increasingly trending to reclaim the 100-day moving average.
This upward momentum suggests that currently bearish positions on BTC may carry risks, especially as Bitcoin appears likely to set new highs.
Performance Since Cycle Low
Finally, an analysis of Bitcoin’s price performance since its cycle low reveals that BTC has consistently risen in September over the past three market cycles. Bitcoin has increased by approximately 300% from the current cycle’s low. If BTC continues its historical pattern and ends the year as in previous cycles, the target price could reach $108,000.
As market conditions improve, this target becomes increasingly attainable.
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Bitcoin [BTC] Price Predictions 2024–2025
The strong institutional support for Bitcoin, the growing activity of long-term holders, and bullish technical indicators suggest that Bitcoin prices could rise significantly in the near future. The increasing confidence among investors and major participants like MicroStrategy will only bolster Bitcoin’s outlook, as both the price and market dominance of Bitcoin continue to rise.