With its notable rise in value over the last month, Bitcoin (BTC) is posting solid numbers, which spells profit for its most prominent corporate holder, MicroStrategy, and its co-founder, Michael Saylor.
Over three years ago, Saylor unveiled a strategy that focused on the aggressive obtaining and holding of the most popular cryptocurrency available, called the ‘Bitcoin Initiative.’ This strategy is based on acquiring the crypto asset despite its price and market conditions, and, recently, it seems to be paying off.
In the previous month, MicroStrategy obtained an additional 155 BTC for $5.3 million and now holds 158,400 BTC, Saylor announced in an X post on November 1. Just over a month ago, things were looking bleak for this investment, as it posted -$500 million in unrealized losses.
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However, MicroStrategy is now up over $936 million in profit on its 158,400 Bitcoin holdings, based on its current price at the time of publication. Its October investment alone, which cost $5.3 million for 155 BTC at $34,193 per Bitcoin, is already returning dividends and has added over $1,000 in several days, according to the actual price of this cryptocurrency, which is $35,238 at the time of press.
Bitcoin price analysis
At the time of writing on November 2, Bitcoin was changing hands at $35,236, up 1.25% in the past 24 hours. Over the past week, the crypto asset gained around 2.84%% of its value.
Following a bullish trend from the previous period, Bitcoin continues to gain in value, and according to the indicators from the fundamental and technical analysis, it will continue to do so for the time being. Crypto analyst Michale van de Poppe is optimistic and forecasts bright days ahead for BTC.
“Bitcoin breaks out and reaches a new yearly high. Not a massive breakout, but as long as we stay above $34.8K, the next target is $36.5-37K,” he noted.
Investors are gaining optimism over the recent news that has hinted at the near completion of the Bitcoin ETF deal, which will implement exchange-traded funds that track the value of Bitcoin and trade on traditional market exchanges.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
