Bitcoin ETF

Bitcoin

<div class="sg-post-des">
 The Michael Saylor-led software firm has made $132 million in unrealized profits from its Bitcoin bet.
</div>
<div class="cointelegraph">
 <p>MicroStrategy's Bitcoin (BTC) holdings have turned profitable for the first time since July this year as the BTC price has broken through above $30,000.</p>
 <h2 id="microstrategy-up-132m-in-paper-profits">MicroStrategy up $132M in paper profits</h2>
 <p>As of Oct. 23, MicroStrategy held&nbsp;158,245 BTC worth $4.847 billion, up about $132 million from the original amount invested — at an average rate of&nbsp;29,870 per BTC. In other words, the firm is now up at least $130 per coin.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/23/a3a0a469ebb810c617aff2d0345acda1.webp">
  <figcaption style="text-align: center;"><em>MicroStrategy Bitcoin holdings as of Oct. 23. Source: BlockchainCenter.Net</em>
  </figcaption>
 </figure>
 <p>MicroStrategy started buying Bitcoin 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.</p>
 <p>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 by raising funds earlier this year.</p>
 <p>Michael Saylor, the co-founder and chairman of MicroStrategy, shared data showing Bitcoin's outperformance versus traditional assets since the company adopted its cryptocurrency-buying strategy in August 2020.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/23/29686aa33c7f5ce9e5d3a01545d79fbe.webp">
  <figcaption style="text-align: center;"><em>Bitcoin vs. S&amp;P 500, Nasdaq, Gold, Silver, and Bond returns since August 2020. Source: Michael Saylor/X</em>
  </figcaption>
 </figure>
 <h2 id="will-bitcoin-price-rise-further-into-2024">Will Bitcoin price rise further into 2024?</h2>
 <p>Since May 2022, Bitcoin 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 <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> once again.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/23/3d36b021f7ba2d42cc064f760a44b6ad.webp">
  <figcaption style="text-align: center;">
   BTC/USD daily price chart. Source: TradingView
  </figcaption>
 </figure>
 <p>More downside cues come from Bitcoin's&nbsp;daily relative strength index (RSI), now at its most overbought levels since January 2023. As a rule of technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, an overbought RSI (above 70) could prompt BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> to drop or consolidate sideways.&nbsp;</p>
 <p>A correction scenario will see Bitcoin's <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> 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.</p>
 <p>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.</p>
 <p><strong><em>Related:&nbsp;How high can Bitcoin price go by 2024?</em></strong></p>
 <p>From a fundamental perspective, a potential Bitcoin exchange-traded fund (ETF) approval in the U.S. serves as a strong bullish backdrop, according to CryptoQuant. It&nbsp;notes that the approval of a Bitcoin ETF can boost the Bitcoin market's net capitalization by $155 billion.</p>
 <p>In turn, the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of each Bitcoin 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 ETF get the green light.&nbsp;</p>
 <p class="post-content__disclaimer">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.</p>
 <template data-name="subscription_form" data-type="markets_outlook"></template>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/microstrategy-s-bitcoin-stash-is-back-in-profit-with-btc-price-above-30k-tbt67443.html">https://thebittimes.com/microstrategy-s-bitcoin-stash-is-back-in-profit-with-btc-price-above-30k-tbt67443.html</a></p>

MicroStrategy's Bitcoin stash is back in profit with BTC price above $30K

Table of Contents

TheBitTimes

Other articles published on Oct 23, 2023

Crypto Market Analysis: Bitcoin Breaks Out, Ethereum Jumps Here are the Top Predictions for Decem...

Bitcoin: How Much Will 1 BTC Be Worth in 2030?

Dipping Hashprice Pressures Cryptocurrency Miners as Breakeven Point Rises

Shiba Inu Lead Dev Kusama Reveals Major Updates

FIO Protocol (FIO) Price Prediction 2024, 2025, 2030, 2040, and 2050

Two Major Whales of This Altcoin Began to Take Profit

Join our free newsletter for daily crypto updates!