- Saylor sees Bitcoin as a “cure” for traditional economic problems
- One analyst projected that MicroStrategy’s MSTR could hit $5,000 in the coming months.
Michael Saylor, founder and CEO of MicroStrategy [MSTR]Does not back down from promoting Bitcoin [BTC]. In his latest post on X (formerly Twitter), the executive refers to BTC as the “cure” for economic ills.
“The cure for economic ills is the orange pill.”
It is worth clarifying here that Bitcoin is also known as the “orange pill” within Crypto Twitter (CT). Furthermore, the post suggested that BTC is a superior hedge against economic problems such as inflation related to the debasement of traditional currency.
However, this is not the only time the executive says something about cryptocurrency. In fact, Saylor recently predicted that Bitcoin could reach $10 million per coin because it is the “perfect money” that could withstand time and inflation.
Michael Saylor adds over 12,000 BTC in Q2
In Q2 2024, MicroStrategy accumulated BTC twice during drawdown periods and through debt strategies (convertible notes).
In June, MicroStrategy acquired 11,931 BTC at an average of $65.8 thousand. Additionally, the company raised 122 BTC in April, bringing its total holdings to 226,331 BTC, worth around $13.9 billion based on current market prices.
When adjusted for total MSTR shares, which amounted to 17.7 million, BTC per share amounted to 0.01276BTC. While this underlined MSTR’s correlation with BTC, a new 2x leverage could boost its price charts in the future.
T-Rex plans to launch its first 2x leveraged MSTR ETF in the United States. According to Bloomberg Senior ETF Analyst Eric Balchunas, the ETF could be 20 times more volatile than the S&P 500 Index (SPX). He dubbed products as “ETF hot sauce ghost pepper.”
At the time of writing, MSTR is back above $1,500, up 2% from its lows of $1,300 seen during Monday’s (June 24) trading session.
Interestingly, based on its current market structure on the price charts, MSTR could also hit $5,000 soon. This, according to market analyst Bitcoin Munger.
“MicroStrategy is getting ready to break out. I wouldn’t be surprised to see this inverse H&S consolidation lead to $5,000 in the coming months.”
Source: X/Bitcoin Munger
The inverted head and shoulders (IHS) pattern that the analyst refers to is typically a reversal chart formation.
However, despite the bullish projection, BTC could still determine the short-term future of MSTR. In fact, the continued swing in Bitcoin price could lead to moderate price action for MSTR in the near term.
For its part, BTC has been consolidating in the low $60k range lately amid overwhelmingly negative market sentiment. This, despite the upcoming launch of Ethereum [ETH] Exchange-traded fund (ETF).
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This is an automatic translation of our English version.
