Bitcoin

Bitcoin Price Prediction: MicroStrategy Bolsters BTC Holdings With $37 Million Purchase As Experts Say This Bitcoin Derivative Might 10X

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The Bitcoin price is up a fraction in the past 24 hours to trade for $42,924 as of 1:35 a.m. EST time.

Without any directional bias, the king of cryptos continues to trade horizontally, trapped within the confines of the Bollinger indicator.

Despite the lull in the Bitcoin price, Michael Saylor’s business intelligence firm MicroStrategy has added another 850 BTC to its holdings worth about $37 million. That brings its total holdings to 190,00 BTC worth $8.1 billion.

The firm, renowned as the largest publicly traded holder of Bitcoin, revealed the information in a February 6 earnings call, with chief financial officer Andrew Kang saying they acquired 56,650 BTC across 2023 at an average price of $33,580.

MicroStrategy is arguably the biggest BTC proponent, with its executive chairman Michael Saylor saying, “The next 15 years will be a regulated, institutional, high growth period for Bitcoin, very different from the last 15 years.”

Bitcoin Price Outlook As BTC Boring Choppy Market Continues

The Bitcoin price continues with its boring choppy market, moving horizontally between the centerline and the upper band of the Bollinger indicator at $41,992 and $44,361 levels respectively.

Despite the horizontal consolidation, the odds favor the upside, given that the Relative Strength Index (RSI) is above the 50 midline and moving above its signal line. Also, the Moving Average Convergence Divergence (MACD) and Awesome Oscillator (AO) indicators are in positive territory, with their histogram bars flashing green. With these, the upside potential remains stronger despite the current state of indecisiveness in the market.

Meanwhile, one trader and analyst, @CarpeNoctom, looked at BTC on the weekly time frame. Based on his evaluation, more volatility contraction is needed before volatility expansion. This is because the weekly Bollinger bands are somewhat spaced out.

Explaining how to read the Bollinger indicator, @CarpeNoctom notes that volatility reduces when the bands contract. The reverse is true, such that the bands expanding means volatility is increasing when the bands contract significantly. A notable contraction of the bands when the price of the asset is between the upper band and the centerline means the odds favor the upside.

Nevertheless, if the asset’s price lies between the centerline and the lower band of the Bollinger indicator, the market leans to the downside. The volatility expansion adheres to this dynamic, expanding toward the direction where the market is leaning.

Notably, the Bollinger indicator is traditionally used in the daily timeframe. Going by @CarpeNoctom’s explanation, the Bitcoin price could record a volatility expansion favoring the upside. This is because, in the current state, BTC is above the centerline of the Bollinger indicator at $41,992. The fact that the upper band and the centerline have drawn closer, volatility contraction is ongoing.

Enhanced buyer momentum could see the Bitcoin price break above the upper band at $44,361. It could extend the gains to the $46,000 psychological level. In a highly bullish case, Bitcoin price could tag $48,000 or extend a neck higher to the $50,000 level. This would constitute a 16% climb above current levels.

Bitcoin

TradingView: BTC/USDT 1-day chart

Converse Case

However, if the bears have their way, the Bitcoin price could drop below the centerline. Increased seller momentum could see BTC fall below the lower band of the Bollinger indicator at $39,624. This would plunge the king of crypto into the demand zone between $38,496 and $39,895. A break and close below the midline of this order block at $39,196 would confirm the continuation of the fall.

The next logical target for Bitcoin price in such a directional bias would be $37,800 or, in a dire case, $30,000. A daily candlestick close below this psychological level would invalidate the prevailing bullish outlook.

Meanwhile, experts say BTCMTX could 10X at launch, and rank it among the top picks for exponential growth in 2024. It also has a $30,000 airdrop and you could be one of the 10 lucky winners.

Promising Alternative To Bitcoin

BTCMTX is the ticker for Bitcoin Minetrix, an ecosystem where community members can mine BTC in a decentralized fashion.

The project changes the narrative from the traditional BTC mining approaches, sparing investors the hassle of expensive hardware costs and massive space requirements.

BTCMTX, standing among the top five cryptos to invest in this year, is available for purchase at $0.0133. The price tag will hold for the next three days before another price hike. Buy BTCMTX at presale rates on the website, with sales now reaching upwards of $10.38 million out of a target objective of $11.211 million.

Visit Bitcoin Minetrix to buy BTCMTX here.

Also Read:

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