Michael Saylor Shares an Important Metric for Bitcoin! Is it a Buying Opportunity for BTC?

• In the context of recent spot Bitcoin ETF applications, MicroStrategy is gaining importance as the largest institutional Bitcoin investor worldwide because it currently holds this title.
• On Monday, August 28, 2023, Saylor shared a statistic showing that Bitcoin has traded below the critical 200 Weekly Moving Average throughout history. This position is usually associated with a bull wave.
• In the first week of September 2023, the U.S. Securities and Exchange Commission (SEC) plans to provide updates on ETF applications from several financial companies such as Blackrock.

MicroStrategy’s co-founder Michael Saylor shared an interesting metric about the Bitcoin price and highlighted the bull trend.

Saylor Shared an Interesting Metric About the Bitcoin Price

MicroStrategy’s CEO and co-founder Michael Saylor shared an interesting metric about the Bitcoin price. In the context of recent spot Bitcoin ETF applications, MicroStrategy is gaining importance as the largest institutional Bitcoin investor worldwide because it currently holds this title.

On Monday, August 28, 2023, Saylor shared a statistic showing that Bitcoin has traded below the critical 200 Weekly Moving Average throughout history. This position is usually associated with a bull wave. Therefore, Michael Saylor states that the cryptocurrency is trading in a buying zone with potential for upward movement within the current price range:

“BTC rarely trades below the 200 Weekly Moving Average.”

Interestingly, this is one of the rare moments when Saylor, who is also the co-founder of MicroStrategy, shares the technical aspects of Bitcoin, contrary to his typical statements about the potential of the cryptocurrency.

Factors That Could Affect BTC Price in the Near Future

Previously, COINOTAG reported expert comments suggesting that if the spot Bitcoin ETF is approved, the BTC price could rise up to the $150,000 range.

In the first week of September 2023, the U.S. Securities and Exchange Commission (SEC) plans to provide updates on ETF applications from several financial companies such as Blackrock. Meanwhile, MicroStrategy has also announced that it will continue its Bitcoin purchases.