Michael Saylor's buying has again ramped up as bearish predictions continue. | Source: CCN
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Key Takeaways
Strategy accelerates Bitcoin accumulation.
New capital model increasingly fueling recent purchases..
Analysts remain divided on Bitcoin outlook.
Strategy, the company led by Bitcoin advocate Michael Saylor, has ramped up its crypto accumulation with a fresh financing approach even as some market analysts warn of a sharp downturn in prices.
The purchases come as Bloomberg Intelligence senior commodity strategist Mike McGlone has again warned that Bitcoin could fall below $10,000.
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A key part of the latest buying spree came from proceeds tied to STRC, Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock.
The preferred equity instrument is designed to raise capital from income-focused investors through a variable dividend structure.
Strategy said the sale of 3,776,205 STRC shares generated net proceeds of about $377.1 million, which were used to purchase 5,313 Bitcoin, or roughly 30% of the total coins acquired.
The structure highlights Strategy’s evolving capital strategy, designed to support large-scale crypto purchases without relying solely on equity markets.
On March 3 alone, more than 2 million STRC shares traded, with daily volume exceeding $200 million, among the highest levels recorded for the instrument this year.
Bearish Bitcoin Price Outlooks From Bloomberg Strategist
Strategy’s aggressive accumulation comes as some analysts remain deeply skeptical about Bitcoin’s outlook.
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, has reiterated his view that Bitcoin could eventually fall toward $10,000, arguing that the crypto market is still unwinding a speculative bubble.
In an interview with EllioTrades, McGlone said Bitcoin could remain vulnerable if global risk assets undergo a sharp repricing.
In a previous post on LinkedIn, he warned that “collapsing Bitcoin/cryptos may guide the next recession,” suggesting weakness in digital assets could spill over into broader financial markets.
According to McGlone, Bitcoin’s price behavior increasingly mirrors that of risk assets such as U.S. stocks, meaning a downturn in equities could pressure the crypto further.
He noted that in mid-February, when Bitcoin’s price was scaled down on his chart by a factor of ten, it traded at roughly the same level as the S&P 500, highlighting what he sees as a tight correlation between the two.
If the S&P 500 were to decline toward 5,600, McGlone said it could correspond with Bitcoin falling toward roughly $56,000, with deeper equity market weakness potentially paving the way for a much larger correction toward $10,000.
McGlone has repeatedly warned that the long-running “buy the dip” mindset that has supported markets since the 2008 financial crisis may be nearing an end.
Bullish Bitcoin Price Push Back
However, not all analysts share the view.
Some market participants argue a drop to $10,000 would require a dramatic series of economic shocks.
Instead, many analysts see Bitcoin consolidating between $60,000 and $70,000 in the near term.
CCN analyst Abiodun Oladokun said that continued weak buying pressure and a failure from bulls to defend could see its price fall to $60,000.
However, Oladokun said if broader sentiment improves and Bitcoin breaks out of its horizontal channel, it could rally toward $75,304.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
