Michael Saylor Says No Fall to $60K Anytime Soon for Bitcoin
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Michael Saylor, the founder of MicroStrategy and a staunch Bitcoin advocate, has expressed confidence that Bitcoin will not drop to $60,000, dismissing predictions from some analysts. Instead, he believes Bitcoin is heading for new heights, with $100,000 on the horizon.
“I don’t think it is going to $60,000, it is not going to $30,000. I think it is going to go up from here.”
Bitcoin, trading at around $87,790 at the time of writing, is showing resilience in the face of market volatility, according to Saylor. He added that there are no immediate threats that could derail Bitcoin’s upward trajectory.
$100,000 Bitcoin Party in Sight
Saylor is optimistic about Bitcoin crossing $100,000 before 2025. In fact, he’s already planning a celebration:
“I’m planning the $100,000 party. I think it’s probably going to be New Year’s Eve at my house.”
Bitcoin is trading at $87,790 at the time of publication. Source: CoinMarketCap
Keith Alan, co-founder of Material Indicators, echoed this sentiment, suggesting Bitcoin might hit the $100,000 mark as soon as November 28, around Thanksgiving.
However, not all analysts are as bullish. CryptoQuant CEO Ki Young Ju cautioned on November 9 that an overheated futures market could push Bitcoin below $59,000 by year-end.
Volatility Ahead, but Long-Term Uptrend Expected
While short-term fluctuations are expected, many traders believe the overall trend for Bitcoin remains upward.
Ash Crypto, a prominent trader, shared with their followers:
“Expect high volatility, more liquidations, but the price trend will be to the upside, making new highs.”
Rajat Soni, a financial analyst, added:
“Every buy will appreciate in purchasing power, so I don’t care about the price when I buy Bitcoin.”
Regulatory Shifts Could Boost Bitcoin
Saylor also commented on potential regulatory changes. He believes the Securities and Exchange Commission (SEC) will play a pivotal role in shaping the future of digital assets, especially if pro-Bitcoin policies are implemented under a Trump administration.
“We’re going to see an end to the war on crypto, a digital assets framework, and more pro-Bitcoin policies,” said Saylor.
US Bitcoin Strategic Reserve: A Bold Vision
At a recent crypto conference, Saylor highlighted the US Strategic Bitcoin Reserve Bill, a proposal for the government to acquire 1 million Bitcoin (about 5% of the total supply) over five years. He called it:
“The greatest deal of the 21st Century.”
Saylor argued that even holding the existing Bitcoin on the balance sheet could benefit the US economy by $3 trillion, while passing the bill could bring a $16 trillion gain over 21 years.
The Road Ahead for Bitcoin
Despite some skepticism, the long-term outlook for Bitcoin appears positive. Analysts, traders, and enthusiasts like Saylor are confident that Bitcoin will continue its upward journey, possibly breaking the $100,000 barrier soon.
Key Takeaway: Bitcoin is defying bearish predictions, with industry leaders like Michael Saylor seeing no significant threats in the near term. Whether it’s regulatory shifts, market demand, or strategic government involvement, Bitcoin seems poised for new heights.
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Disclosure: This article is for educational purposes only and does not constitute investment advice.
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