Michael Saylor Advice as Bitcoin Drops!

MicroStrategy’s Executive Chairman Michael Saylor has stirred the crypto community with his latest post on X, If you are not buying bitcoin at the top

MicroStrategy has acquired an additional 5,262 BTC for approximately $561 million, expanding its Bitcoin (CRYPTO: BTC) stash for a seventh consecutive week.

The statement comes after the business intelligence firm's latest crypto purchase.

According to a Friday filing with the Securities and Exchange Commission, the recent purchase brings MicroStrategy's total Bitcoin holdings to 132,500 BTC, acquired at an aggregate cost of $4.22 billion.

At current market prices, the holdings are valued at $42.2 billion, with an average acquisition cost of $62,257 per Bitcoin.

If you are not buying bitcoin at the top, you are leaving money on the table.

— Michael Saylor⚡️ (@saylor) December 23, 2024

The acquisition coincides with MicroStrategy's debut as a member of the Nasdaq 100 equity index, with its share price remaining relatively stable in pre-market trading at over $364.2.

The latest purchase comes as BTC trades at around $93,882, having dropped significantly last week.

The downturn was sparked by Federal Reserve Chairman Jerome Powell's remarks on interest rate cuts.

As Christmas approaches, the crypto market has experienced intense price swings, contrasting sharply with the optimism that prevailed in early December.

A 12% decline in the past week has dampened sentiment, although it falls short of the 50% crashes witnessed during the 2019 bear market.

Bitcoin's Surprising Journey: Surging Past $100,000 and Encountering Setbacks

Despite briefly surpassing $100,000, Bitcoin has faced a week of steady declines, leading to a downturn that, while not entirely unexpected, is nonetheless disheartening.

Two primary factors have significantly influenced the crypto landscape in 2024: macroeconomic and political uncertainty, and capital flows.

Optimism regarding potential rate cuts, bolstered by Donald Trump's election victory, drove Bitcoin's ascent.

However, the Federal Reserve's recent indication of slowing rate cuts in 2025-2026 has triggered a widespread market correction.

Also Read:Bitcoin Price Prediction for 2025, 2026 – 2050