Anthony Pompliano’s ProCap BTC LLC buys 3,724 Bitcoin worth almost $953 million.
The BTC price chart nears completion os a huge inverse head and shoulders pattern.
Completion of this bullish indicator could propel BTC price to a new ATH target.
The reputed crypto enthusiast and entrepreneur, Anthony Pompliano’s ProCap BTC LLC buys 3,724 Bitcoin worth $392,686,000. This purchase was made when the price of BTC was at an average price of $103,785 per token. According to CoinMarketCap analytics, the price of BTC is now at the $107,113 price range, meaning that Pompliano’s ProCap BTC LLC purchase is already in profit.
Anthony Pompliano’s ProCap BTC LLC Buys 3,724 Bitcoin
ProCap BTC LLC buying 3,724 Bitcoin worth about $393 million marked the first major acquisition for the company. It comes as no surprise to many that the company founded by Anthony Pompliano went on to accumulate BTC in bulk, as Pompliano himself is much like Michael Saylor, someone who believes in the philosophy of Bitcoin and has vehemently advocated for vast BTC adoption.
In particular, this ProCap BTC LLC Bitcoin purchase drew even more attention as the company just closed a fundraising round where it raised over $750 million. Furthermore, the company has just announced plans to go public through a $1 billion SPAC deal. Only a day after this announcement did Pompliano officially confirmed that the company had accumulated 3,724 Bitcoin.
https://twitter.com/BitcoinMagazine/status/1937520229455634654
In the same post, Pompliano goes on to state that the company believes Bitcoin to be the new hurdle rate and says that if one can’t beat Bitcoin, they must instead buy and hold Bitcoin. The remaining funds will go on to support ProCap’s merger with blank-check firm Columbus Circle Capital Corp and will hence be known as ProCap Financial, a new publicly traded company.
BTC Prepares to Surge to New ATH
With the price of BTC steadily going up, a few analysts who expected bearish reversals due to war concerns have now flipped back to the same sentiments of several analysts who remained bullish despite the FUD. Presently, many of these bullish analysts are setting their sights on higher targets for the price of BTC. In fact, some reputed analysts believe that BTC will pump exponentially to hit a new ATH target.
https://twitter.com/JavonTM1/status/1937148166123422004
As we can see from the post above, this reputed crypto analyst highlights the inverse head and shoulder structure he had initially spotted on the BTC price chart. He says that despite the previous price dip, the pattern is still on its way to completion, meaning that a highly bullish price pump is on the horizon for the pioneer cryptocurrency. Specifically, a breakout above the neckline can lead to a significantly higher ATH target.
