Summary:
- Bitcoin price cooled off after approaching $36,000
- Some analysts remain bullish and expect a “gamma squeeze” if BTC price surpasses $36,300
- MicroStrategy announced the purchase of 155 BTC for $5.3 million
- Bitcoin halving will impact selling and demand
- Saylor believes now is a good entry point for Bitcoin
This week Bitcoin (BTC) price came close to reaching $36,000 before pulling back to $34,250. After a significant run-up in the past month, it is natural for the price to cool off as traders take profit and market participants assess the sustainability of the rally.
Despite the pullback, some analysts remain bullish on Bitcoin and anticipate a potential “gamma squeeze” if the price manages to break through the $36,300 level.
MicroStrategy, led by CEO Michael Saylor, continues to show confidence in Bitcoin. The company recently announced the purchase of 155 BTC for $5.3 million.
During an interview, Saylor discussed the upcoming Bitcoin halving, stating that it will cut the amount of Bitcoin miners sell in half. He believes this will increase demand and decrease selling pressure, making the next 12 months an opportune time for Bitcoin.
Saylor also addressed concerns about negative perceptions of the cryptocurrency industry, emphasizing the need for regulation and responsible custodianship to move the industry forward.
Overall, Saylor believes that now is a “pretty ideal entry point” for Bitcoin, especially for those with a long-term investment horizon.
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.
