Is This the Last Bitcoin Dip Before 100K?

It was always unlikely that Bitcoin would shoot through $100,000 on its first attempt. Too many sellers have been waiting for this moment for too long. Several pushes toward the pivotal six-figure milestone for Bitcoin were thwarted, as sellers rallied to block BTC’s price ascent—an all-too-familiar scenario around critical psychological levels.

Source: Brave New Coin Bitcoin Liquid Index

“FireCharts highlights a substantial Bitcoin sell wall compressed between the $99.3k and $100k range,” trading analytics platform Material Indicators shared in a recent post on X.

Source: X

This sell wall, representing liquidity on Binance, the world’s largest cryptocurrency exchange, stood out prominently, overshadowing other levels.

However, with Thanksgiving approaching, and U.S. families preparing to come together and discuss their lives, Bitcoiners will be hoping they have something to celebrate. A $100,000 Bitcoin perhaps?

If there is anyone capable of helping Bitcoin push past $100,000, it is Michael Saylor. He has $3 billion in buying power from his latest convertible bond offering, and earlier today he tweeted that MicroStrategy was ready to begin another round of Bitcoin buys.

Source: X

The newly issued 0% convertible senior notes offer a 55% premium, equating to an implied strike price of roughly $672. This means bondholders have the option to convert their notes into MicroStrategy class A common stock at a predetermined price. If not converted before maturity, the notes will be redeemed at face value.

Unlike traditional debt instruments, these notes do not pay regular interest. However, they hold “senior” status, granting bondholders priority over common stockholders in case of bankruptcy or liquidation.

If MicroStrategy allocates the full $3 billion raised from the offering to Bitcoin purchases, it could acquire approximately 30,600 BTC, based on current prices. This would further solidify its position as the public company with the largest Bitcoin holdings.

The offering builds on a previous announcement on November 18 to raise $1.75 billion through similar 0% notes, a figure later increased to $2.6 billion on November 20. These actions are part of MicroStrategy’s ambitious “21/21” plan to raise $42 billion—split evenly between equity and fixed-income securities—over the next three years to accumulate more Bitcoin.