The post Michael Saylor’s Bitcoin Price Prediction: BTC Won’t Drop Below $60K, Eyes $100K appeared first on Coinpedia Fintech News
Bitcoin soared to a jaw-dropping $93,435, smashing its all-time high, before taking a breather with a short-term dip below $88,000. Now consolidating above $87,000, it’s eyeing key resistance at $90,000. A breakout could ignite a rally toward $93,450 or even $95,000! On the flip side, if support at $87,150 or $86,500 fails, BTC might nosedive towards $85,280 or $82,500. The Bulls are still in the game, but the next move will be critical!
However, opinions remain divided on whether Bitcoin’s rally can sustain or face a potential correction. But many analysts see a whooping $100K incoming for BTC.
Let’s dive in to know how high can BTC go.
Saylor’s Unwavering Optimism
MicroStrategy founder Michael Saylor is confident that Bitcoin will not fall to $60,000, brushing aside bearish predictions. Speaking to CNBC on November 14, Saylor confidently stated that Bitcoin’s price trajectory is upward, dismissing any chance of a drop to $30,000 or $60,000.
Trading around $87,790, Saylor believes Bitcoin is poised to surge and is planning a party to celebrate the $100,000 milestone, potentially as soon as New Year’s Eve. Keith Alan of Material Indicators echoes Saylor’s optimism, suggesting Bitcoin might hit $100,000 by Thanksgiving in the U.S.
Dissenting Views and Market Risks
While Saylor exudes confidence, others urge caution. CryptoQuant CEO Ki Young Ju has warned that Bitcoin might dip below $59,000 by the year-end due to an overheated futures market. Despite this, traders like pseudonymous analyst Ash Crypto remain optimistic, predicting high volatility but a general upward trend for Bitcoin, leading to new all-time highs.
Political Winds Favor Bitcoin
Saylor also sees a bullish impact from U.S. political developments, particularly with the possibility of Donald Trump returning to office. He believes this could lead to more pro-Bitcoin policies, a solid regulatory framework, and an end to the so-called “war on crypto.” Additionally, speculation about a potential change in SEC leadership under Trump adds to the optimism for the crypto industry.
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The Strategic Bitcoin Reserve Proposal
Adding to the bullish sentiment, Saylor hailed the Strategic Bitcoin Reserve Bill as a game-changer. If passed, the bill would see the U.S. government accumulate 1 million Bitcoins, potentially generating trillions of dollars in value over two decades. However, skeptics like Galaxy Digital’s Mike Novogratz argue that the bill’s passage remains uncertain, dampening some of the excitement.
Bitcoin’s journey remains thrilling, with bulls like Saylor confidently steering the narrative toward $100,000 while cautionary voices keep traders grounded.