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Kerrisdale Capital’s bet on Bitcoin signals an impending bullish surge. Kerrisdale Capital’s recent strategic shift involves significantly increasing its investment in BTC while simultaneously taking a bearish stance on MicroStrategy shares. This decision stems from Kerrisdale’s assessment that MicroStrategy’s stock is overvalued, primarily due to its substantial Bitcoin holdings
BREAKING🚨: MicroStrategy Slumps 14% After Short Seller Says Stock Trades at an Unjustifiable Premium to Bitcoinhttps://t.co/bzQVGOxne2
— Ryuushi (@_electronicCash) March 31, 2024
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By closely examining MicroStrategy’s financial tactics, including increased debt leverage and share issuances, Kerrisdale predicts a potential 50% decline in the company’s stock if share premiums return to standard levels.
Moreover, Kerrisdale’s move reflects a growing recognition of Bitcoin’s importance as a store of value and hedge against inflation. This reallocation of funds into Bitcoin is expected to bolster its price further, prompting discussions within the financial community.
Key Bitcoin Levels To Watch – March 31
The bounce off the $38501.00 support led to a massive rally beyond the $60000.00 price level. The rally was further propelled by a tap into liquidity on March 5, 2024.
The market is currently oversold, as indicated by the Stochastic Oscillator. A short-term pullback is likely to occur. However, the market’s overall trend remains bullish, as $80000.00 is attainable on the daily chart.
BTCUSD Key Levels
Resistance Levels: $71790.00, $73836.00, $80000.00
Support Levels: $60771.00, $53000.00, $38501.00
Bitcoin Metrics
Total Market Capitalization: $2.67T
Bitcoin Market Capitalization: $1.38T
Bitcoin Volume: $18B
Market Rank: #1
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