With its notable rise in value over the last month, Bitcoin (BTC) is posting solid numbers, which spells profit for its most prominent corporate holder, MicroStrategy, and its co-founder, Michael Saylor.
Over three years ago, Saylor unveiled a strategy that focused on the aggressive obtaining and holding of the most popular cryptocurrency available, called the ‘Bitcoin Initiative.’ This strategy is based on acquiring the crypto asset despite its price and market conditions, and, recently, it seems to be paying off.
In the previous month, MicroStrategy obtained an additional 155 BTC for $5.3 million and now holds 158,400 BTC, Saylor announced in an X post on November 1. Just over a month ago, things were looking bleak for this investment, as it posted -$500 million in unrealized losses.
BTC 7-day price chart Source: Finbold
Following a bullish trend from the previous period, Bitcoin continues to gain in value, and according to the indicators from the fundamental and technical analysis, it will continue to do so for the time being. Crypto analyst Michale van de Poppe is optimistic and forecasts bright days ahead for BTC.
“Bitcoin breaks out and reaches a new yearly high. Not a massive breakout, but as long as we stay above $34.8K, the next target is $36.5-37K,” he noted.
#Bitcoin breaks out and reaches a new yearly high.Not a massive breakout, but as long as we stay above $34.8K, the next target is $36.5-37K.#Altcoins to follow after. pic.twitter.com/3aCKwvoGXq
— Michaël van de Poppe (@CryptoMichNL) November 1, 2023Investors are gaining optimism over the recent news that has hinted at the near completion of the Bitcoin ETF deal, which will implement exchange-traded funds that track the value of Bitcoin and trade on traditional market exchanges.
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