Bitcoin Ethereum, Dogecoin Rise As Microstrategy's Michael Saylor Acquires More BTC: Analyst Predicts King Crypto To Reach $130K

Major cryptocurrencies popped in value on Wednesday evening after MicroStrategy (MSTR), bought an additional 14,620 BTC for roughly $615.7 million.

Major cryptocurrencies popped in value on Wednesday evening after MicroStrategy (MSTR), bought an additional 14,620 BTC for roughly $615.7 million.

Cryptocurrency	Gains +/-	Price (Recorded 9:30 p.m. EST)
Bitcoin (CRYPTO: BTC)	+2.37%	$43,417
Ethereum (CRYPTO: ETH)	+8.34%	$2,411
Dogecoin (CRYPTO: DOGE)	+3.43%	$0.094

What Happened: The Executive Chairman of Microstrategy, Michael Saylor, on Wednesday, tweeted that the company has acquired the bitcoin at an average price of $42,110 per unit.

MicroStrategy has acquired an additional 14,620 BTC for ~$615.7 million at an average price of $42,110 per #bitcoin. As of 12/26/23, @MicroStrategy now hodls 189,150 $BTC acquired for ~$5.9 billion at an average price of $31,168 per bitcoin. $MSTR https://t.co/PKfYY59sTW
— Michael Saylor⚡️ (@saylor) December 27, 2023

This purchase has increased the company’s holdings to 189,150 BTC, valued at around $5.9 billion, with each BTC bought at an average price of $31,168.

Top Gainer (24 Hour)

Cryptocurrency	Gains +/-	Price (Recorded 9:30 p.m. EDT)
Bitcoin SV (CRYPTO: BSV)	+51.86%	$75.95
Arbitrum (CRYPTO: ARB)	+26.75%	$1.64
Aave (CRYPTO: AAVE)	+23.69%	$124.39

The global crypto market cap has reached $1.67 trillion, marking a 0.37% increase in the last 24 hours.

The S&P 500 climbed 0.14% to close at 4,781.58, and the Nasdaq Composite added 0.16% to end the day at 15,099.18 on Wednesday.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst, Michael Van de Poppe, suggests that Ethereum’s key level of support is at $2,150 "and is ready to continue the upwards path. Likely, we’ve been bottomed on the $ETH / $BTC pair and have peaked on the Bitcoin dominance."

#Ethereum holds crucial level at $2,150 and is ready to continue the upwards path.

Likely, we've been bottomed on the $ETH / $BTC pair and have peaked on the Bitcoin dominance. pic.twitter.com/51qH96peeI
— Michaël van de Poppe (@CryptoMichNL) December 27, 2023

As per crypto analyst Crypto Tony "If you are looking for a long, remember that we need to reclaim $44,300."

$BTC / $USD – Update

If you are looking for a long, remember that we need to reclaim $44,300 pic.twitter.com/hvMNL9PmqN
— Crypto Tony (@CryptoTony__) December 27, 2023

Another pseudonymous analyst Crypto Kaleo said, " Ethereum looks primed to make a major move after the recent HTF double bottom it made if it can reclaim the HTF support level it lost in early October. One of the most forgotten narratives of the past year has been the deflationary mechanics of the merge."

The analyst added," While we’ve been complaining about high gas prices and ETH’s lack of usability, 339K ETH (currently valued at $800M) have been burned from the total supply. While this number may seem insignificant relative to ETH’s $280B mcap, I expect it to rapidly accelerate as the bull market continues to pick up steam."

Meanwhile, CryptoCon foresees $130K for Bitcoin, citing technical indicators. "The LMACD adds another layer of confirmation with a cross of the Descending Cycle Mid-Top Trend. For investors that haven’t taken advantage of Green Year Accumulation prices, this gives them another chance."

According to the Halving Cycles Theory, CryptoCon expects a true cycle top +/- 21 days from Nov 28th, 2025. "My expected price is around 130k according to several key price experiments, but I will act at whatever price data tells me to."

About 2 Weeks ago, I made the claim that #Bitcoin topped out at 45k, and I am still sticking to it.

The LMACD adds another layer of confirmation with a cross of the Descending Cycle Mid-Top Trend.

So if this isn't the cycle top, why does this matter?

The mid-top typically… pic.twitter.com/ex4J4edn5M
— CryptoCon (@CryptoCon_) December 26, 2023

Photo by Wit Olszewski on Shutterstock