Michael Saylor hinted at another buy by Strategy (NASDAQ:). Meanwhile, the value of BTC has fallen to $70K now. Find out all the details in this article.
Recently, Michael Saylor posted yet another message that the market has learned not to ignore. He suggested another big Bitcoin buy by Strategy is coming fast. Although he is one of the biggest corporate bulls for Bitcoin, the timing of this development is raising some eyebrows. Notably, BTC has pulled back to around the $70K level as the US-Iran talks fell through.
“Think Bigger”: A Pattern Crypto Traders Know Well
Michael Saylor made an X post with a chart documenting MicroStrategy’s history of buying Bitcoin. He also wrote a brief caption: “Think bigger.” To some traders, this can be seen simply as a motivational post. However, experienced traders know that Saylor has never posted this chart without announcing new Bitcoin buys within the next few days.
According to the official Strategy website, it is now holding 766,970 BTC worth around $54 billion today. This was achieved by Saylor’s aggressive strategy when it comes to BTC which is constant accumulation, no matter the market fluctuations. To some, this strategy has paid off as Strategy is now the largest corporate holder of Bitcoin.
Market Context: Bitcoin Dips to $70K
When it comes to the BTC price, it has been showing increased volatility. CoinMarketCap points to its value dipping from around $71.76K to nearly $70.70K in the past 24 hours. But, it is also worth noting that this could be a slight correction since BTC surged from $68.97K on the one-week chart.
This drop came as a result of increased geopolitical tensions after US-Iran peace talks fell through. According to a Truth Social post by president Donald Trump, a blockade will also be put in place for the Strait of Hormuz because of this. As a result, the desire for speculative assets like cryptocurrency plummeted.
The technical indicators are also painting a bearish picture for Bitcoin. Notably, Investing.com data shows that its MACD (12,26) indicator is flashing a sell signal with a value of -298. This suggests that the 12-day EMA is below the 26-day EMA and that selling pressure is rising. Plus, the 13-day bull/bear power indicator is also in the red zone with a value of -384. In other words, bears are in control and pushing the value of BTC down further.
Saylor’s $60K Bottom Call
Earlier in April, Michael Saylor said that Bitcoin has likely bottomed out at the $60K level. The current fall to $70K for BTC could be seen as a potential buying opportunity by Strategy if that statement is true.
The big question is whether this potential buy could act as a catalyst for Bitcoin’s next move. On one hand, the combination of a price dip and strong institutional buying could make for the perfect rebound scenario. On the other hand, the rise of global tensions and bearish technical indicators may continue to suppress any noteworthy BTC price action in the short term.