Bitcoin: Has the Downtrend Reached the Bottom?
Has the recent decline in Bitcoin already reached its limit, prompting much thought? In my view, it is nearing the bottom, and the downward space is indeed limited.
From the peak, Bitcoin's price has fallen by 14%, and it is currently in a stage of oscillation and testing the bottom. The closer it gets to 90,000 USD, the more enticing the opportunity to buy at the bottom becomes.
Recent market trends show that institutions and listed companies are actively buying at the bottom. The total holdings of the government, ETFs, and MicroStrategy account for 31%, a year-on-year increase of 14%.
Take yesterday as an example, MicroStrategy spent 561 million to purchase 5,262 Bitcoins, bringing its total holdings to 444,000.
Although last week it sold stocks, it still has 7.08 billion in funds available for purchasing coins, making a return to a Bitcoin price of 100,000 USD not out of reach.
Looking at Matador, it has approved 4.5 million in funds for coin purchases, and the total Bitcoin held by spot ETFs has also exceeded 1.3 million, accounting for 6%, indicating an emerging market pattern.
Now, institutions are accumulating coins for the long term, effectively reducing the circulating supply of Bitcoin in the market, thereby supporting the price.
Bitcoin is at a critical transformation period, and as the circulating supply continues to decrease and scarcity increases, a price rise to 1 million USD may become a high-probability event.
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