Although the Bitcoin price is currently quite uncertain, publicly traded company MicroStrategy announced on Thursday the purchase of an additional 11,931 BTC worth approximately $786.0 million, further cementing its position as a major institutional holder of the digital asset.

MicroStrategy Chairman and Co-Founder Michael Saylor unveiled the latest addition in a social media post. The company purchased 11,931 Bitcoin between April 27 and June 19, using proceeds from convertible notes and excess cash at an average price of $65,883 per Bitcoin.

Notably, the recent purchases have increased MicroStrategy’s total Bitcoin holdings to an impressive 226,331 BTC, acquired for a total of $8.3 billion, currently valued at approximately $14.9 billion.

The recent purchase by MicroStrategy comes at a time when market sentiment towards Bitcoin is mixed. Market intelligence platform Santiment reports that the community is “mainly anxious” or disinterested as Bitcoin’s price fluctuates between $64,000 and $65,000.

BTC’s cycle top reaches new heights

However, Santiment suggests that BTC trader fatigue, combined with whale accumulation as exemplified by MicroStrategy’s latest acquisition, often leads to price increases “that reward patience,” as seen in the image below.

Despite the current mixed sentiment in the market, most experts and analysts are predicting a cycle top for Bitcoin beyond the current record highs. Market analyst Crypto Con recently used Fibonacci retracements to predict conservative and less conservative potential cycle top targets.

According to Crypto Con’s analysis, the .618 Fibonacci retracement level has proven reliable for previous Bitcoin cycle tops. Expansion levels can be derived by going back from the bottom of the cycle to the top of the first move. The 2013 and 2017 cycle tops were forecast at 4,618, while the 2021 top was forecast at the 5,618 level.


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