Gabor Gurbacs expects a likelihood of BTC going down to the $20,000 mark should it breach below $32,000 – the latter, he believes, is an important level for BTC. Besides, this is an average price of a total of 124,000 Bitcoins held by MicroStrategy now.
So far, MSTR is down more than 31 percent year-to-date, thus the company has lost the gains obtained on BTC last year. Overall, Gurbacs adds, the way BTC behaves this weekend may determine what will happen to markets on Monday. MicroStrategy’s 124,000 Bitcoin stash is probably valued around $30,200 per coin on average. I think that’s one important floor. If we dip below $30,200, there could be some serious unwinding toward $20,000. Bitcoin this weekend may drive what happens to markets on Monday.Gurbacs also tweeted that there is plenty of liquid capital in the market now that financial institutions are looking to invest.
I’d also note that there is an unprecedented amount liquid institutional capital that’s looking to allocate. Many institutions missed out on the $10k to $60 rally that now can jump in. CBs printed trillions, inflation is high & many mistrust bonds. The upside/rally may get wild!
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