Bitcoin advocate and MicroStrategy Chairman Michael Saylor has confirmed plans to make a three-minute presentation to Microsoft’s board of directors on the potential benefits of investing in Bitcoin.
“The activist that put that proposal together contacted me to present to the board, and I agreed to provide a three-minute presentation — that’s all you’re allowed — and I’m going to present it to the board of directors,” Saylor stated during a Nov. 19 X Spaces session hosted by VanEck.
Previously, Saylor had proposed a private meeting with Microsoft CEO Satya Nadella to discuss Bitcoin, but the offer was declined. “So you will see me putting together the three-minute proposal for Microsoft […], and we’ll send it to the board,” he added.
Microsoft announced in October that its December agenda includes a shareholder vote on whether the company should assess investing in Bitcoin.
The proposal, introduced by the National Center for Public Policy Research (NCPPR), noted MicroStrategy’s Bitcoin investment strategy and highlighted that its stock has outperformed Microsoft by over 300% this year despite having a smaller business footprint.
Saylor advocated for similar discussions across other major corporations, saying, “It ought to be put on the agenda of Berkshire Hathaway and Apple and Google and Meta because they all have huge hordes of cash, and they’re all burning shareholder value.”
He argued that integrating Bitcoin into Microsoft’s enterprise value would provide greater stability. “It would be a lot more stable stock and a much less risky stock if half of the enterprise value of the stock was based upon tangible assets or property like Bitcoin,” he explained.
The shareholder vote is scheduled for Dec. 10, though Microsoft’s board has advised voting against the proposal, citing their ongoing evaluation of various investable assets, including Bitcoin.
Ethan Peck, deputy director of NCPPR’s Free Enterprise Project, pointed out that conducting the assessment and deciding against Bitcoin could place Microsoft in a challenging position.
The board currently includes 12 members, such as Nadella and executives from Disney, Citigroup, and Wells Fargo.
Bitcoin maintained pressure near $94,000 as the U.S. trading session opened on Nov. 20, with buyers continuing to scoop up dips.
BTC price surges to record highs
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it rebounded from $91,500 lows, pushing toward a new all-time high of $94,374 on Bitstamp.
Trader Skew highlighted shifting liquidity conditions on exchange order books, noting spot and perpetual market bidding. “Someone got fomo?” he asked on X while sharing order book data.
CrypNuevo, another trader, predicted the mid-$90,000 range would act as a resistance zone before a pullback. “Not expecting to break $100k in the first attempt, so looking for a reversal from mid-high $90ks, around $96k zone. Then, focus on the next buying opportunities during the pullback,” he shared with followers.
Dormant coins show activity
Caution emerged from on-chain data by CryptoQuant, which pointed to long-term holders selling at these levels.
“Market tops often occur when long-held Bitcoin is reactivated,” the firm explained, referencing the Coin Days Destroyed metric. The metric, already nearing classic top levels, could signal an imminent peak if it spikes above 15–20 million.
Bitcoin ETF options add bullish momentum
Optimism grew after options trading launched for BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund.
The first day saw significant activity, with industry expert Joe Consorti noting bets on BTC/USD surpassing $100,000 by year’s end.
Filbfilb, co-founder of DecenTrader, remarked on the ETF’s long-term impact: “Short-term impact: More volatility and speculative price swings. Long-term impact: Cemented Bitcoin’s status as a key hedge in diversified portfolios.”
QCP Capital echoed these sentiments, calling the launch a milestone for Bitcoin’s institutional adoption. “This market response is likely to attract new investor cohorts and enable diversified trading strategies, reducing volatility and downside risk,” it said in a Telegram update.
Bitcoin advocate and MicroStrategy Chairman Michael Saylor has confirmed plans to make a three-minute presentation to Microsoft’s board of directors on the potential benefits of investing in Bitcoin.
“The activist that put that proposal together contacted me to present to the board, and I agreed to provide a three-minute presentation — that’s all you’re allowed — and I’m going to present it to the board of directors,” Saylor stated during a Nov. 19 X Spaces session hosted by VanEck.
Previously, Saylor had proposed a private meeting with Microsoft CEO Satya Nadella to discuss Bitcoin, but the offer was declined. “So you will see me putting together the three-minute proposal for Microsoft […], and we’ll send it to the board,” he added.
Microsoft announced in October that its December agenda includes a shareholder vote on whether the company should assess investing in Bitcoin.
The proposal, introduced by the National Center for Public Policy Research (NCPPR), noted MicroStrategy’s Bitcoin investment strategy and highlighted that its stock has outperformed Microsoft by over 300% this year despite having a smaller business footprint.
Saylor advocated for similar discussions across other major corporations, saying, “It ought to be put on the agenda of Berkshire Hathaway and Apple and Google and Meta because they all have huge hordes of cash, and they’re all burning shareholder value.”
He argued that integrating Bitcoin into Microsoft’s enterprise value would provide greater stability. “It would be a lot more stable stock and a much less risky stock if half of the enterprise value of the stock was based upon tangible assets or property like Bitcoin,” he explained.
The shareholder vote is scheduled for Dec. 10, though Microsoft’s board has advised voting against the proposal, citing their ongoing evaluation of various investable assets, including Bitcoin.
Ethan Peck, deputy director of NCPPR’s Free Enterprise Project, pointed out that conducting the assessment and deciding against Bitcoin could place Microsoft in a challenging position.
The board currently includes 12 members, such as Nadella and executives from Disney, Citigroup, and Wells Fargo.
Bitcoin could experience a “strong bull rally” if the Puell Multiple, a key BTC price metric, follows a historical breakout pattern.
In a Nov. 18 blog post, CryptoQuant highlighted that Bitcoin’s Puell Multiple is nearing a rare golden cross with its 365-day moving average (SMA365), a signal that has historically triggered significant price surges.
Puell Multiple Breakout Could Spark 90% BTC Price Rally
CryptoQuant’s analysis reveals that in the past five years, the Puell Multiple has crossed its SMA365 only three times.
Each occurrence coincided with substantial BTC price gains, averaging a 90% increase.
“Puell Multiple helps us understand market cycles from a mining perspective,” explained CryptoQuant contributor Burakkesmeci.
“It is a crucial indicator for evaluating mining profitability.”
The Puell Multiple measures the daily value of Bitcoin mined relative to its 365-day average, providing insights into miner stability.
When the metric crosses its SMA365, it often precedes rapid BTC price increases.
Previous breakouts include an 83% rally in March 2019, a 113% gain in January 2020, and a 76% surge in January 2024.
“This data shows that after Puell Multiple settles above its SMA365, an average increase of around 90% in Bitcoin’s price has historically followed,” CryptoQuant stated.
The platform added that supportive macroeconomic conditions increase the likelihood of an “inevitable” rally.
“All these data points and the macroeconomic framework suggest that a strong bull rally might be on the horizon,” the post concluded.
RSI and FOMO Indicate Bull Market Just Beginning
As Bitcoin’s price rises over 40% in Q4, analysts predict the bull market’s most intense phase is still ahead.
The parabolic phase, typically lasting 300 days, could push BTC/USD to new highs, with expectations for a six-figure price growing.
However, some caution that retail “FOMO” (Fear of Missing Out) could lead to a sharp correction.
PlanB, creator of the Stock-to-Flow model, projects FOMO will peak in early 2025, supported by Bitcoin’s monthly RSI remaining above the 70 “overbought” threshold, now at 74.4.
Bitcoin could experience a “strong bull rally” if the Puell Multiple, a key BTC price metric, follows a historical breakout pattern.
In a Nov. 18 blog post, CryptoQuant highlighted that Bitcoin’s Puell Multiple is nearing a rare golden cross with its 365-day moving average (SMA365), a signal that has historically triggered significant price surges.
Puell Multiple Breakout Could Spark 90% BTC Price Rally
CryptoQuant’s analysis reveals that in the past five years, the Puell Multiple has crossed its SMA365 only three times.
Each occurrence coincided with substantial BTC price gains, averaging a 90% increase.
“Puell Multiple helps us understand market cycles from a mining perspective,” explained CryptoQuant contributor Burakkesmeci.
“It is a crucial indicator for evaluating mining profitability.”
The Puell Multiple measures the daily value of Bitcoin mined relative to its 365-day average, providing insights into miner stability.
When the metric crosses its SMA365, it often precedes rapid BTC price increases.
Previous breakouts include an 83% rally in March 2019, a 113% gain in January 2020, and a 76% surge in January 2024.
“This data shows that after Puell Multiple settles above its SMA365, an average increase of around 90% in Bitcoin’s price has historically followed,” CryptoQuant stated.
The platform added that supportive macroeconomic conditions increase the likelihood of an “inevitable” rally.
“All these data points and the macroeconomic framework suggest that a strong bull rally might be on the horizon,” the post concluded.
RSI and FOMO Indicate Bull Market Just Beginning
As Bitcoin’s price rises over 40% in Q4, analysts predict the bull market’s most intense phase is still ahead.
The parabolic phase, typically lasting 300 days, could push BTC/USD to new highs, with expectations for a six-figure price growing.
However, some caution that retail “FOMO” (Fear of Missing Out) could lead to a sharp correction.
PlanB, creator of the Stock-to-Flow model, projects FOMO will peak in early 2025, supported by Bitcoin’s monthly RSI remaining above the 70 “overbought” threshold, now at 74.4.
MicroStrategy, the largest corporate holder of Bitcoin, plans to raise $1.75 billion through senior convertible notes with a 0% interest rate to purchase more BTC.
The company stated on Nov. 18 that it “intends to use the net proceeds from this offering to acquire additional Bitcoin and for general corporate purposes.”
These 0% senior convertible notes will not pay regular interest to bondholders.
Instead, they are sold at a discount and mature to face value if not converted by the 2029 maturity date.
Being “senior,” these notes have priority over common stock in cases of bankruptcy or liquidation.
If MicroStrategy spends the entire $1.75 billion on Bitcoin, it could acquire an additional 19,065 BTC at current prices.
BitcoinTreasuries data reveals that MicroStrategy currently holds 331,200 BTC, worth over $30.3 billion.
This follows a recent $4.6 billion Bitcoin purchase on Nov. 18.
The company has acquired 142,050 Bitcoin this year alone, valued at approximately $12.8 billion at today’s prices.
Michael Saylor’s firm is now up 133% on its Bitcoin investment strategy, with an average purchase price of $39,292 per BTC.
MicroStrategy’s Bitcoin purchases (green) and Bitcoin’s price movements (blue) since September 2020. Source: Saylor Tracker
On Nov. 18, MicroStrategy’s shares surged nearly 13% to close at a record high of $374.80, though they dipped 0.7% in after-hours trading, according to Google Finance.
Last month, the company announced its ambitious “21/21” plan to raise $42 billion over three years—$21 billion in equity and $21 billion in fixed-income securities—to continue accumulating Bitcoin.
Currently, Bitcoin is priced at $91,653, just under 2% below its all-time high of $93,477, achieved on Nov. 13, according to CoinGecko.
Goldman Sachs is planning to spin off its cryptocurrency platform into a standalone company focused on creating and trading financial instruments on blockchain networks, Bloomberg reported on Nov. 18.
The investment bank is in discussions with potential partners to expand the platform’s capabilities and introduce new offerings, according to Mathew McDermott, Goldman’s global head of digital assets.
Tradeweb Markets, an electronic trading platform, is expected to be one of the new entity’s strategic partners.
McDermott noted that the spinout is projected to be completed within 12 to 18 months, subject to regulatory approvals, though plans are still in their early stages.
“It’s in the best interest of the market to have something that is industry-owned,” McDermott told Bloomberg.
In July, McDermott revealed Goldman Sachs’ intention to launch three new tokenization products in the U.S. and Europe, citing a “major uptick in interest from clients” in crypto.
The bank’s upcoming initiatives aim to create marketplaces for tokenized real-world assets (RWAs), focusing on U.S. fund complexes and European debt markets.
McDermott explained that the target audience for these products would be financial institutions rather than retail investors, with the offerings operating exclusively on permissioned blockchains.
The RWA marketplace is expected to differentiate itself by offering faster execution and expanding the range of collateralizable assets.
McDermott attributed the “renewed momentum in crypto” to the rise of exchange-traded funds (ETFs) for digital assets.
Since January, nearly a dozen Bitcoin ETFs have been launched following U.S. regulatory approval, while spot Ether ETFs were greenlit in July.
Goldman Sachs has emerged as one of the largest buyers of Bitcoin ETFs in 2024.
Demand for tokenized RWAs, particularly low-risk yields from Treasury bills and money market instruments, continues to grow, with tokenized U.S. Treasury debt now valued at approximately $2.4 billion as of Nov. 14, according to RWA.xyz.
Bitcoin (BTC) saw early-week gains erased at the Nov. 18 Wall Street open as a liquidity hunt targeted late long positions.
BTC price reacts to MicroStrategy’s major purchase
Data from Cointelegraph Markets Pro and TradingView showed a 3% drop in BTC price, pushing BTC/USD below its weekly close.
This weekly close had been Bitcoin’s highest ever, but news of MicroStrategy acquiring $4.6 billion in BTC over the past week seemed to dampen sentiment.
“Usually we get a short-term dump on Saylor’s buy announcements as it explains a lot of the buying that was done,” trader Daan Crypto Trades commented on X.
BTC/USD had reached a new all-time high near $93,500 on Nov. 13, before volatility took over, with intraday lows dipping below $87,000.
“Nothing changed with BTC,” stated trader Josh Rager.
“Bitcoin is just ranging and is very healthy after a 40% move up in just over a week. In the meantime, let altcoins/memecoins fly and find price discovery. Current market win-win for the entire crypto industry.”
Traders eye deeper retracement opportunities
Some analysts speculated on a more significant BTC price retracement, with dip-buying targets extending toward $70,000.
“Bitcoin dips are still ready to be bought,” said trader Michaël van de Poppe.
“I think we’ll see a substantial dip across markets in the coming 1-2 weeks, but for now, enjoy the upward ride.”
Opportunists struggle as support is retested
As Bitcoin dipped below $90,000, liquidity shifted, with short positions increasing.
“A lot of shorts just opened here into price & still chasing ~2K+ BTC in shorts. Some minor long capitulation as well on that move,” noted trader Skew.
Data from CoinGlass indicated 24-hour BTC-long liquidations stood at approximately $35 million at the time of writing.
Ethereum’s native token, Ether (ETH), recently fell below its longest-standing support level against Bitcoin (BTC), prompting top analysts to suggest it is “dying a slow death.”
Ether breaks key support level
The ETH/BTC pair has slipped below the ascending trendline support that has marked market bottoms since 2016.
This trendline previously triggered notable rebounds, including a 300% rise between December 2020 and December 2021 and an 1,800% surge between January 2017 and May 2017.
However, in November 2024, Ethereum bulls failed to hold the support, with ETH/BTC dropping about 15% below it amid increased trading volumes.
In technical analysis, losing a major support level—especially with rising trading activity—signals strong selling pressure, indicating ETH/BTC may face further declines.
“Ethereum is dying a slow death,” commented Tuur Demeester, founder of Bitcoin hedge fund Adamant Capital.
Market factors favor Bitcoin
In 2024, ETH/BTC underperformed primarily due to the launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S., which overshadowed Ethereum’s own spot ETF performance.
Additionally, Bitcoin’s fourth halving in April 2024 enhanced its appeal among both retail and institutional investors, leading to a capital shift away from Ethereum and into Bitcoin.
Ethereum also faced stiff competition from Solana (SOL), a rising smart contract platform.
Since December 2022, the SOL/ETH pair has surged over 925%, further eroding Ethereum’s market position.
Declining dominance
Ethereum also missed key narratives, such as Donald Trump’s election campaign hinting at making Bitcoin a U.S. strategic reserve asset, with no mention of Ethereum.
These combined factors have contributed to a significant decline in Ethereum’s market dominance (ETH.D), which is now at its lowest level since April 2021.
Bitcoin (BTC) faces potential “short-term issues” on its path to reaching six figures, including a possible correction to around $70,000.
In a Quicktake market update on Nov. 16, on-chain analytics platform CryptoQuant suggested that BTC price action could experience some “healthy cooling.”
BTC price analysis highlights possible correction
Bitcoin has been trading near $90,000, with week-to-date gains nearing 13% as the weekly close approaches.
CryptoQuant contributor BaroVirtual suggested that BTC/USD might enter a consolidation phase, with a potential downside target of just above $70,000.
The analysis centers on two moving average (MA) trend lines, which are now approximately 20% apart.
“The position of the price chasers (7d and 30d MAs) indicates that we are seeing intense, healthy buying pressure on Bitcoin, which is a very positive signal,” the update noted.
“The issue is that the gap between the fast and slow chasers is 19%, and this, in turn, leads to two possible scenarios:
1) Bitcoin takes a sideways position in the $87,000-$93,000 range for some time and then continues its upward movement to the $104,000-$120,000 range.
2) Bitcoin corrects downwards to the $71,000-$77,000 range, experiences intermediate healthy cooling, and then resumes its local upward trend.”
Whales keep accumulating
As Cointelegraph previously reported, the idea that Bitcoin’s bull run may pause before reaching $100,000 is not new.
Some analysts anticipate a retest of recent support levels, while others suggest a bearish pullback to $50,000 or lower.
CryptoQuant data, however, shows strong investor confidence.
Contributor Darkfost noted, “Even with BTC around $90k, [whales] haven’t stopped accumulating, and most are holding, which is a sign of confidence in the market.”
This accumulation trend suggests sustained optimism despite potential short-term price fluctuations.