Bitcoin will not fall to $60K ‘a risk in the near term’ – Michael Saylor
MicroStrategy founder and bitcoin bull Michael Saylor dismissed the possibility of bitcoin returning to $60,000 – a critical price level for most of 2024.
“I don't think it's going to $60,000, it's not going to $30,000, I think it's going to go higher,” Salor told CNBC on November 14. Bitcoin (BTC) is trading around $87,790. CoinMarketCap.
He said Donald Trump's victory “resolutely” settled the future of crypto and Bitcoin in the United States, adding that “I really don't see any threats on the immediate horizon.”
Bitcoin ‘surprised' to miss $100,000 before 2025
“I'm planning the $100,000 party,” Salor said. “I'm thinking it'll probably be New Year's Eve at my house, so I'll be surprised if we don't pass $100,000 by November or December.
Echoing Saylor, Keith Alan, co-founder of commercial wealth material indicators, says it is possible for Bitcoin to reach $100,000 as soon as November 28 – or Thanksgiving in the US.
Still, CryptoQuant CEO Ki Young Ju warned on Nov. 9 that Bitcoin could end the year below $59,000, citing an overheated futures market as the main reason for the upcoming year-end decline.
Bitcoin is trading at $87,790 at press time. Source: CoinMarketCap
Many traders are convinced that Bitcoin will go up, even if the volatility will continue.
“Expect high volatility and lots of liquidity, but overall the price trend will be towards making new highs,” anonymous crypto trader Ash Crypto told his 1.2 million X followers in a Nov. 14 post.
On the same day, financial analyst Rajat Soni said that when he buys Bitcoin, he “doesn't care about the price because every purchase appreciates the purchasing power.”
Seiler also expressed his expectation that Securities and Exchange Commission Chairman Gary Gensler will step down when Trump takes office, saying that whoever takes the job has a “major role” in the crypto industry.
“I think this is incredibly bullish for digital assets, it's great for the crypto industry, we're going to see a lot more bitcoin policies, we're going to see the structure of digital assets, we're going to see the end of the war on crypto,” he said.
Bitcoin Strategic Reserve Bill “Best Deal” of the Century
Meanwhile, at the Cantor Crypto, Digital Assets and AI Infrastructure Conference on November 13th, Saylor announced the US Strategic Bitcoin Reserve Bill – if passed into law, the US government would set a goal of stockpiling 1 million bitcoins. 5% of Bitcoin's Total Supply in Five Years – “The Greatest Deal of the 21st Century”
Related: MicroStrategy Buys 2B in Bitcoin, Boosts Holdings to $23B
“If we don't pass this bill and all we do is keep the existing bitcoin on the balance sheet, it's worth $3 trillion to the public,” he said. Sayler added that the bill, as currently drafted, would be a $16 trillion benefit to the United States over 21 years.
“If you decide to go double max and double it, that's a $30 trillion benefit,” he said.
Still, Galaxy Digital founder Mike Novogratz said there's a “low chance” that Trump-elect will make good on his promise to establish a strategic Bitcoin reserve during his term.
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
