Bitcoin: Despite MicroStrategy’s conviction, why are profits elusive?

While MicroStrategy appeared committed to its long-term Bitcoin accumulation strategy, other cryptocurrency holders may not share the same patience.

Notably, the MVRV ratio for Bitcoin was on a decline at the time of writing, indicating that both Michael Saylor, the founder of MicroStrategy, and other BTC holders, were witnessing decreasing profitability. If Bitcoin’s price were to rise significantly, bringing the MVRV ratios back to previous highs, it could incentivize these holders to sell their holdings, potentially triggering a price correction for the cryptocurrency.The key question is whether other Bitcoin holders will follow MicroStrategy’s lead and maintain a long-term perspective, or if they will choose to sell as prices approach or exceed the critical $30,000 mark.

However, it’s important to note that both large and small investors could be influenced by the selling pressure exerted by Bitcoin miners. Over the past few days, miner revenue has experienced a substantial decline, dropping from $32,000 to $24,000 at press time.Miners may thus be compelled to sell a portion of their holdings to maintain profitability, potentially impacting Bitcoin’s price dynamics.At the time of writing, Bitcoin was trading at $26,259.39, reflecting a modest 0.

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