Microstrategy Hangs By The Ropes Amidst BTC Selloff: Crypto Analyst

Microstrategy hangs by the ropes after the latest Bitcoin selloff according to a crypto analyst as we are reading more about in our latest Bitcoin news today.

Microstrategy and its head Michael Saylor became synonymous with BTC and were responsible for kicking off the entire treasury reserve trend that is going on since then. As a result of the innovative and risky move, the company’s shares skyrocketed to revisit dot.com bubble resistance levels. However, the rejection led to a volatile market, and now Microstrategy hangs by the ropes amidst the recent selloff, which suggests that things could go worse.

Michael Saylor spent the last few months being vocal about the cryptocurrency and acted as it if he was its CEO, marketing head, and corporate business development manager all-in-one. He uses the platform as a way to spread the word about the cryptocurrency and its value which he has constantly doubled and tripled down on. At the rate that he is going, he will have more BTC than Satoshi himself in a year from now. Up until a few days ago, this has been paying off quite well for Saylor as the price per coin has been rising dramatically.

The price per share in Microstrategy increased as well. However, the recent selloff and the potential peak in BTC are following a similar trajectory to the downwards. The company’s shares are on the ropes according to one crypto analyst and another retest could be in progress but it could knock out the rally in the end. This could also mean that the sentiment is changing and the company can be affected negatively.

Whatever the case is, there’s a chance that Saylor’s bet on BTC could be dangerous. Where the recent rally topped out was a place of resistance dating back to the dot.com bubble so when that popped, Saylor left as one of the biggest losers at that time according to Fortune Magazine, losing a total of $13.5 billion. Once again, he could end up being the biggest loser because of his commitment to be a pioneer in the crypto space. This time, his bet paid off but he continued pushing ahead and made many investors question his speculative bet.