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MicroStrategy’s Bitcoin (
$63,013.00 ) (BTC) holdings have turned profitable for the first time since July this year as the BTC price has broken through above $30,000.
MicroStrategy up $132M in paper profits
As of Oct. 23, MicroStrategy held 158,245 BTC worth $4.847 billion, up about $132 million from the original amount invested — at an average rate of 29,870 per BTC. In other words, the firm is now up at least $130 per coin.
MicroStrategy Bitcoin ( $63,013.00 ) holdings as of Oct. 23. Source: BlockchainCenter.Net
MicroStrategy started buying Bitcoin ( $63,013.00 ) in 2020. The firm ramped up purchases in 2023 as BTC’s price recovered from extreme losses caused by the Federal Reserve’s rate hike policy and high-profile crypto bankruptcies and implosions.
In September 2023, MicroStrategy acquired 5,444 BTC by raising an equivalent amount of capital, mirroring the approach that saw the firm buying approximately 12,333 Bitcoin ( $63,013.00 ) by raising funds earlier this year.
Michael Saylor, the co-founder and chairman of MicroStrategy, shared data showing Bitcoin ( $63,013.00 ) ’s outperformance versus traditional assets since the company adopted its cryptocurrency-buying strategy in August 2020.
Bitcoin ( $63,013.00 ) vs. S&P 500, Nasdaq, Gold, Silver, and Bond returns since August 2020. Source: Michael Saylor/X
Will Bitcoin ( $63,013.00 ) price rise further into 2024?
Since May 2022, Bitcoin ( $63,013.00 ) has failed to establish a clear bullish momentum after crossing $30,000. This scenario may repeat in the coming weeks. This, in turn, risks pushing MicroStrategy’s BTC investment below its average buying price once again.
BTC/USD daily price chart. Source: TradingView
More downside cues come from Bitcoin ( $63,013.00 ) ’s daily relative strength index (RSI), now at its most overbought levels since January 2023. As a rule of technical analysis, an overbought RSI (above 70) could prompt BTC price to drop or consolidate sideways.
A correction scenario will see Bitcoin ( $63,013.00 ) ’s price head toward its 50-day exponential moving average (50-day EMA; the red wave) near $27,720 in November, down about 10% from current levels.
Conversely, maintaining and confirming $30,000 as the new support level will open the door toward the next big resistance area at $32,000 — a level not seen since May 2022.
Related: How high can Bitcoin ( $63,013.00 ) price go by 2024?
From a fundamental perspective, a potential Bitcoin ( $63,013.00 ) exchange-traded fund (ETF) approval in the U.S. serves as a strong bullish backdrop, according to CryptoQuant. It notes that the approval of a Bitcoin ( $63,013.00 ) ETF can boost the Bitcoin ( $63,013.00 ) market’s net capitalization by $155 billion.
In turn, the price of each Bitcoin ( $63,013.00 ) would hit $50,000-73,000 in 2024, which would certainly become a boon for MicroStrategy, though the firm says it will stay on its BTC course even if the Bitcoin ( $63,013.00 ) ETF get the green light.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
