Someone is asking, has Bitcoin dropped to the right level?
I think it's about there; the downward space for Bitcoin is quite limited now.
From the market perspective, Bitcoin has already fallen 14% from its peak.
Currently, Bitcoin's trend shows a state of oscillation and bottoming out, so the closer it gets to 90,000 USD, the greater the opportunity to buy at the bottom.
Recently, I have observed that there is a lot of buying pressure below Bitcoin; many institutions and listed companies are buying Bitcoin at the bottom.
Currently, 31% of the total Bitcoin supply is held by the government, ETFs, and MicroStrategy, an increase of 14% from last year.
Yesterday, MicroStrategy started buying large amounts again, spending $561 million to purchase 5,262 Bitcoins, bringing their total holdings to 444,000.
Last week, MicroStrategy sold 1.3178 million shares, but there are still $7.08 billion worth of shares that can be issued and sold.
According to their usual methods, this $7 billion will eventually be used to buy Bitcoin.
So, Bitcoin returning to 100,000 USD is just a matter of time; we should cherish this rare opportunity to buy at the bottom.
Additionally, the listed company Matador Technologies Inc. has also approved the purchase of $4.5 million worth of Bitcoin as a strategic reserve asset.
Currently, the total amount of Bitcoin spot ETFs has also exceeded 1,300,000, accounting for 6% of the total Bitcoin supply.
It can be seen that a pattern formed by the government, ETFs, listed companies, and large holders has taken shape.
Institutional investors are typically long-term holders and do not trade frequently.
This behavior of hoarding Bitcoin reduces the circulating supply in the market, which will support Bitcoin's long-term price.
This institutional trend indicates that Bitcoin is transitioning from an 'asset dominated by retail investors' to a 'mainstream investment asset.'
In the future, the number of Bitcoins flowing in the market will only decrease, and the price of Bitcoin will only increase; I believe it will reach 1 million USD, it's just a matter of time.
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