After being abandoned by Elon Musk, Michael Saylor is playing the role of Bitcoin superhero for crypto enthusiasts. Recently, the business intelligence company has added $10 million worth of Bitcoin to its balance sheet. The enterprise currently has Bitcoin holdings with more than 92 thousand BTC that are valued at $2.251 billion at the current evaluation.
A few days ago, Microstrategy bought $15 million worth of Bitcoin. This impulse purchase was made when Tesla announced that it would no longer accept Bitcoin as payment due to the detrimental effects on the environment. Michael Saylor was the Bitcoiner who took credit for introducing Bitcoin to Elon Musk. After the change of hearts, he is the one who is leading the criticism army unto the Tesla CEO.
Expert Chartist Claims that Bitcoin can go down to $29K
Despite the technical analysis and massive outflows, many are sceptical about the stability and recovery of Bitcoin. On a segment called Chartmaster that is part of the hit TV series Fast money, Carter Worth predicted the Bitcoin price could fall as low as 55%. Worth is the chief market technician at Cornerstone Macro.
This price mark is about 80% lower than the support position of Bitcoin. Some Twitter users have pointed out that this type of depreciation takes about a year to take place, taking reference from the bull runs of 2017. Another crypto analyst, PlanB, who introduced the stock-to-flow indicator, claims that Bitcoin moving average and realized value is going wayward, and it is likely to continue on this path.
Bitcoin Price Recovery Curve; Is some Correction or Recovery Possible?
Bitcoin is the flagship cryptocurrency that has been appreciated since last year. The current bull run could be over, or it might have a few laps remaining. The prediction for this bull run for Bitcoin was to reach a six-figure price point. However, the cryptocurrency has crashed down 25% below its ATH. Despite these crashes, the bears are not preparing to short the Bitcoin stock.
On the contrary, institutional investors and expert brokers are busy buying the dip. The general sentiment in the market is that Bitcoin is good for a long-term investment. The miners who have accumulated Bitcoins have chosen to keep them in cold storage. Meanwhile, Coinbase ticker COIN has also declined from $381 to $250 in the aftermath of the Bitcoin crash. David Trainer, CEO of New Constructs, shared his concerns that further Bitcoin depreciation could bring down COIN to $100.
