Price analysis 12/21: BTC, ETH, XRP, LTC, BCH, LINK, ADA, DOT, BNB, XLM

MicroStrategy CEO Michael Saylor recently tweeted that he purchased another 29,646 Bitcoin (BTC) at an average price of $29,646. With this purchase, the company has deployed the $650 million raised through a recent convertible debt offering. The business intelligence firm now holds 70,470 Bitcoin and that makes it the fifth-largest individual holder of Bitcoin.

The current Bitcoin bull run has largely been driven by institutional investors. Analysts at JPMorgan Chase believe that in order for the uptrend to continue, fresh institutional money needs to keep trickling in as it has done in the past few weeks, or Bitcoin could witness a correction.

Every bull phase witnesses several sharp corrections and Bitcoin’s current bull run is likely to be no exception. However, when the main trend is up, investors view dips as a buying opportunity as it allows a low-risk entry point. Therefore, if Bitcoin corrects, several new investors are likely to show interest until its uptrend remains intact.

Daily cryptocurrency market performance. Source: Coin360

One such hint can be seen from the conversation between Saylor and Tesla CEO Elon Musk. Saylor suggested Tesla convert its balance sheet from U.S. dollars to Bitcoin. Musk did not reject the idea but asked whether such a large transaction was possible.

As a response, Saylor said that he was willing to share his playbook with Musk so he could see how it is done. If a popular company such as Tesla adopts Bitcoin, it could lead to a rush from several other firms.

Let’s look at the charts of the top-10 cryptocurrencies to spot the critical levels on the upside and the downside.