MicroStrategy ($MSTR) Buys Another 660 Bitcoins; Over $1 Billion Profit in Bitcoin So Far

MicroStrategy CEO Michael Saylor today announced that his firm has purchased an additional 660 bitcoins for ~$25.0 million in cash today. MicroStrategy bought these Bitcoin at an average price of ~$37,865 per bitcoin. With this purchase MicroStrategy now holds over 0.5% of total Bitcoin in circulation worth $4.6 Billion. 

MicroStrategy Playing The Long Term Game; Over $1 B in Profit

MicroStrategy is now nearly $1 Billion in profit over their $3.78 Billion purchase of Bitcoin so far. The value of the 125,051 Bitcoin owned by the firm at current Bitcoin price of $38,000 is nearly $4.6 Billion.

MicroStrategy has bought almost every dip on Bitcoin and their current avg. buy price stands at $30,200/BTC. Bitcoin and crypto market is currently facing a tough market situation with Bitcoin recently dropping to $32,500 mark. Meanwhile, BTC price has recovered from this recent bloodbath and currently stands at $38,500 at the time of writing.

Is The Bottom In For Bitcoin?

Bitcoin Price has regained almost 5% in last 24 hrs indicating that $32,500 was a local bottom. The next important milestone for Bitcoin price is successful reclaim of $44k. One among widely followed crypto analyst, Credible Crypto (Twitter name) shared his analysis on the current Bitcoin price action.

As per his analysis, he is expecting Bitcoin price to test and reclaim $44k for confirmation that $32.5k was actually the bottom.

Coingape Markets analysts recently predicted Bitcoin Price is ready to test 200-EMA near $42k.

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