Interestingly, Saylor’s company sold 704 BTC back and repurchased 810 tokens just a few days later, taking advantage of a short-term decline that may have been partially caused by its actions.
Instead of signaling weakening conviction, Strategy’s dump could be a calculated move to trigger a price decline to lower its cost basis. Market sentiment is at a point when even good news is bad news, as geopolitical tensions in the Middle East persist.
In addition, inflation in the United States is nearly doubling the Federal Reserve’s target rate, and nobody expects a rate cut in the near term.
This hawkish attitude reduces the market’s willingness to take on additional risk, and Strategy could capitalize on that.
Weekly Buy Signal Anticipates Retest of Bitcoin’s Cycle Low at $60,000
As we discussed in a recent Bitcoin price prediction, we expected a drop to $65,000 if Bitcoin lost its trend line support. This is exactly what happened this week, while we also envision a much stronger drop to $60,000 to retest the cycle’s low.