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Bitcoin At Risk of Immense Selling Pressure, Will the BTC Price Drop Below $20K Again?

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The post Bitcoin At Risk of Immense Selling Pressure, Will the BTC Price Drop Below $20K Again? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The biggest Bitcoin Whale, Microstrategy took a non-cash digital impairment of more than $900 million on their BTC holdings in Q2 of 2022. On the other hand, the CEO of Microstrategy, Micheal Saylor resigned and took the charge of the executive chairman role. Therefore, the analyst believes the footsteps of Tesla may be followed. 

Bitcoin price is swinging displaying uncertain price actions as the price hovers within a narrow range for more than 4 consecutive days. On the other hand, if Microstatergy begins to sell its holdings, similar to that of Tesla which sold 75% of its holdings, BTC could soon face huge selling pressure while the coins in circulation may surge by 1%. 

A popular analyst believes, that very soon Bitcoin prices may dump hard as MicroStrategy may follow Tesla’s footsteps. 

If the BTC price continues to drop hard, the CFO of Microstrategy, Andrew Kang said that 85,000 unpegged BTC will be available to reach the collateral requirements if the volatility peaks are high. As the company acquired Bitcoin at an average price of $30,664 per BTC and hence the company is already at a loss of above $8000 per BTC at the press time. 

Collectively, Bitcoin despite showing some strength in recent times still is exposed to the fear of a drastic drop. No doubt Micheal Saylor has not given any hint of liquidating its holdings, but the possibilities also may rise the chances of a substantial drop. 

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#Astro Rock #TheSupremeTeam
Artist Name: Astro Rock

Who are you?

Music, singing, performing, are things that I've wanted to do since I was eight years old, never really did. So I'm giving myself a chance to dream, and not only because my therapist said I should, it's about being true to myself.

Where are you from?

Hey, I'm from Chicago, Illinois, United States, North America, Earth, Solar System, Milky way galaxy, Universe or something or other. It's not easy starting out as an artist, everyone is either a hit or a future hit. There's a lot of competition. So shout out to everyone who's not in Chicago competing against me. I really love you guys!!!! Just kidding though, everyone who makes music here goes hard.

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Song Title: Left and Right

Listen to Astro Rock:

Source: https://supremepr.us/

Bitcoin At Risk of Immense Selling Pressure, Will the BTC Price Drop Below $20K Again?

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