The recent rally to $ 21,569 on Coinbase around 11:15 p.m. UTC, means institutional investor MicroStrategy has seen its holdings double in price since announcing it had adopted Bitcoin (BTC) as a reserve asset in September, when the price was less than $ 11,000.
However, not all high profile investors have presented themselves as a bandit. Barstool Sports founder Dave Portnoy said he sold his Bitcoin holdings in August and potentially missed over $ 100,000 in profits. Portnoy said he bought at least $ 200,000 in BTC on August 13 – when the price was below $ 12,000. The same amount of Bitcoin would be worth more than $ 360,000 today as the price has increased by 80%.
Alex Mashinsky, CEO of Celsius Network, predicted the price would likely drop soon, presenting a buying opportunity.
“Settle in, because we’ll be visiting the $ 20,000 to $ 22,000 level at least a half-dozen times before we jump to the $ 30,000 range later in 2021,” he said.
“I think we’ll also re-test the $ 14,000 to $ 16,000 levels over a weekend with low volume or bad news on the streets. This will probably be the last time most of us will have the chance to buy bitcoin under $ 20,000 again. “
With today’s bullish activity, investors who shorted the crypto asset have seen their positions liquidated. According to data from the crypto trading platform Bybt, more than $ 630 million in Bitcoin has been liquidated in the past 24 hours. Glassnode reported that there had been nearly $ 95 million of Bitcoin futures contract liquidations on the main crypto exchange Binance in an hour earlier today:
Graphic: https://t.co/sF5leWOdat pic.twitter.com/Ch3PWrkLhQ
– glassnode (@glassnode) December 16, 2020
The price of Bitcoin is $ 21,329 at the time of publication, having increased 9.7% in the past 24 hours.