BTC’s Rare Flip Below Average
– On Monday, August 28, 2023, Michael Saylor shared a statistic showing Bitcoin historically trading below the 200 Week Moving Average.
– This position is associated with a bullish wave, indicating that BTC is currently trading at a buy zone with potential for upside.
– Saylor’s tweet highlights the rarity of BTC trading below its 200 Week Moving Average.
– This marks a departure from his usual statements on the potential of the cryptocurrency.
What Could Impact BTC Price In Near Term
– If the spot Bitcoin ETF gets approved, expert comments suggest that BTC price could rally to $150,000.
– The U.S. SEC is scheduled to give an update on the ETF filings in the first week of September 2023.
– MicroStrategy, the largest institutional investor in Bitcoin, plans to continue purchasing Bitcoin.
– MicroStrategy currently holds 152,800 BTC in total.
Hot Take
Michael Saylor’s revelation about BTC trading below its 200 Week Moving Average suggests a potential buy zone with upside. With the upcoming update on ETF filings and MicroStrategy’s continued Bitcoin purchases, there could be significant developments in the near term that impact BTC price. Crypto readers should keep a close eye on these factors for potential investment opportunities.
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