bitcoin Price Correction: Macroeconomic Factors‌ and MicroStrategy’s Unwavering Bet

Bitcoin (BTC) has experienced​ a‍ meaningful ‍price correction, following a recent all-time high.‍ While the cryptocurrency market remains volatile, the current downturn is largely ​attributed to broader macroeconomic trends, sparking concern among‍ investors.

Shrinking Global Money supply Fuels ⁣Bitcoin’s Fall

A key factor contributing‍ to the Bitcoin price⁣ drop is the ⁣decline in the global money supply (M2). Financial expert ‌Adam Kobeissi, in⁤ a ​recent⁢ post on X (formerly⁢ Twitter), highlighted ​ a concerning⁢ trend. “The drop in the global money supply⁤ is​ significant and has historically ⁢correlated with Bitcoin price movements,”⁤ Kobeissi warned.

Kobeissi’s analysis reveals a staggering $4.1 trillion decrease in the global money ‌supply ⁣over just two months, from⁣ $108.5 trillion in October to $104.4 trillion in‍ December. this sharp contraction could exert ‍considerable downward pressure on the cryptocurrency market.⁣ Historically, Bitcoin has⁤ shown a roughly 10-week lag in ⁢responding to such changes in the money supply.

According ​to The Kobeissi‍ Letter,this global monetary contraction could potentially drive Bitcoin’s price down to $20,000. This would represent a dramatic 79% correction ​from current levels, reaching‌ its lowest valuation⁣ since ⁣January 2023.

MicroStrategy Doubles Down on Bitcoin

Despite the bearish market sentiment, MicroStrategy, the business intelligence ‌firm⁣ led by Michael Saylor, ​continues its aggressive Bitcoin accumulation strategy. In fact,​ their 2023 purchases have surpassed even⁤ those made during the 2021 bull market.

On ⁣November 24, MicroStrategy acquired an⁢ additional 55,500 Bitcoin⁣ at​ an average ⁣price of $97,000,⁢ a record-breaking purchase.Saylor remains bullish, famously stating,‌ “Even at $1 million per Bitcoin, ⁢I’ll keep buying.”

MicroStrategy’s unwavering commitment ⁢has inspired other companies, including Bitcoin miners and firms ​like Metaplanet.Furthermore,⁢ MicroStrategy’s recent inclusion in the Nasdaq 100 ‌index provides ⁢millions ⁢of investors‍ with indirect exposure to Bitcoin through its stock.

Note: ‍⁢ This ‌article is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries significant risk.

×

AI Chatbot
World Today News Chatbot

Hello, would you like to find out more details about

business intelligence ‌firm⁣ led by Michael Saylor, ​continues its aggressive Bitcoin accumulation strategy. In fact,​ their 2023 purchases have surpassed even⁤ those made during the 2021 bull market.</p>\r\n<!-- /wp:paragraph -->\r\n<!-- wp:paragraph -->\r\n<p>On ⁣November 24, <a href="https://newsbit.nl/microstrategy-koopt-gigantische-hoeveelheden-bitcoin-in-2024/" target="_blank" rel="noopener noreferrer">MicroStrategy acquired</a> an⁢ additional 55,500 Bitcoin⁣ at​ an average ⁣price of $97,000,⁢ a record-breaking purchase.Saylor remains bullish, famously stating,‌ "Even at $1 million per Bitcoin, ⁢I'll keep buying."</p>\r\n<!-- /wp:paragraph -->\r\n<!-- wp:paragraph -->\r\n<p>MicroStrategy's unwavering commitment ⁢has inspired other companies, including Bitcoin miners and firms ​like Metaplanet.Furthermore,⁢ MicroStrategy's recent inclusion in the Nasdaq 100 ‌index provides ⁢millions ⁢of investors‍ with indirect exposure to Bitcoin through its stock.</p>\r\n<!-- /wp:paragraph -->\r\n<!-- wp:paragraph -->\r\n<p><em>Note: ‍⁢ This ‌article is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries significant risk.</em></p>\r\n<!-- /wp:paragraph --> ?"> Submit

 

By using this chatbot, you consent to the collection and use of your data as outlined in our Privacy Policy. Your data will only be used to assist with your inquiry.

I agree to the terms. Start chatting