Bitcoin’s price becomes volatile as millennials stock up for retirement 

Posted: 6 April 2022 5:23 pm

BTC's 200-day moving average (MA) as well as futures data suggest potential near-term upward movement for the digital asset.

  • Business intelligence behemoth MicroStrategy has acquired an additional 4,197 BTC bringing the firm's total crypto haul to 129,218 BTC.
  • Approximately 30% of all American millennials believe that their existing crypto investments will help fund their post-retirement plans.
  • 1 April saw the 19 millionth Bitcoin being mined, leaving only 2 million more tokens up for grabs over the next 18 years.

Bitcoin, the world's largest cryptocurrency by total market capitalisation, has been on the receiving end of a sizable price correction over 5-6 April, with the value of a single coin dropping from AUD$62,200 to AUD$59,000 resulting in the digital asset registering losses of approximately 3%. At press time, BTC is trading at a price point of AUD$59,844.

With the price of Bitcoin showing a clear lack of direction, analysts are divided as to where the flagship asset may be heading. Some pundits believe the cryptocurrency's CME futures data is suggesting a potential break of the AUD$71,500 (US$54,000) price target soon. A few market experts claim that BTC's 200-day moving average (MA) clearly shows that the digital currency is attempting to break out of its ongoing rut and potentially scale up to AUD$66,000 (US$50,000) in the near term.

Lastly, pseudonymous analyst Rekt Capital released a tweet stating that Bitcoin's Q1 technicals are extremely positive right now and therefore the coming few weeks could see BTC soaring to levels much higher than what they are at the moment.

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MicroStrategy buys more Bitcoin

Earlier this week, fintech giant MicroStrategy – led by crypto maximalist Michael Saylor – released a filing with the US Securities and Exchange Commission (SEC) that showed one of its subsidiaries "MacroStrategy" had successfully purchased a total of 4,197 BTC (estimated to be worth US$190.5 million).

The aforementioned Bitcoin was acquired at an average value of US$45,714 per token as a result of which MicroStrategy now has 129,218 BTC in its coffers. To date, the firm has shelled out a total of US$3.97 billion for its cumulative crypto purchase (at an average purchase price of US$30,700 per BTC).

Millennials are investing in Bitcoin for their retirement, report suggests

As per a new survey, a whopping 28% of all US millennials noted that they have invested in Bitcoin and other cryptocurrencies to support themselves post-retirement. The figure was much higher than those individuals who claimed that they would be using their traditional savings and stock investments for the same purpose.

According to the poll, approximately 20% of all generation X and 17% of generation Z respondents said that they plan on utilising their Bitcoin savings to fund their post-retirement lifestyles.

2 million BTC is all that's left to be mined

Late last week, it came to light that the 19 millionth Bitcoin (BTC) had been mined, leaving only 2 million more tokens to be mined over the course of the next 2 decades (2040, to be exact). On a technical note, as part of block 730002, mined by SBI Crypto, the 19 millionth Bitcoin entered circulation. For its efforts, the firm was rewarded with a total of ‎6.32 BTC, estimated to be worth approximately US$293,000 at the time of mining.

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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