Author: Cointelegraph
Compiled by: Felix, PANews
MicroStrategy founder and Bitcoin bull Michael Saylor ruled out a pullback to $60,000, where Bitcoin has been hovering for most of 2024.
“I don’t think Bitcoin will go back down to $60,000, let alone $30,000, it will go up from here,” Saylor said in an interview with CNBC on Nov. 14. Bitcoin is trading at around $89,168, according to CoinMarketCap.
Saylor said Trump’s victory “clarifies” the future of cryptocurrencies and Bitcoin in the United States, adding, “I really don’t see anything bearish in the short term.”
It would be " surprising " if Bitcoin doesn't hit $100,000 before 2025
“I’m planning a party for when Bitcoin hits $100,000,” Saylor said. “I think it’ll probably be right before my house’s New Year’s party, so I’d be surprised if Bitcoin doesn’t go over $100,000 by November or December.”
Echoing Saylor’s sentiments, Material Indicators co-founder Keith Alan said Bitcoin could potentially reach $100,000 by November 28 or before U.S. Thanksgiving.
Nonetheless, CryptoQuant CEO Ki Young Ju warned on Nov. 9 that Bitcoin could end the year below $59,000, citing an overheated futures market as one of the main reasons for his prediction of a year-end crash.
Bitcoin price; Source: CoinMarketCap
Some traders said that while volatility is likely to continue, they believe Bitcoin will continue to rise.
“Expect high volatility to lead to more liquidations, but overall the price trend is upwards to new highs,” anonymous crypto trader Ash Crypto said in a Nov. 14 post.
Financial analyst Rajat Soni similarly said on Nov. 14 that he “doesn’t care about the price” when buying Bitcoin because “every purchase increases your purchasing power.”
Saylor also weighed in on speculation that U.S. SEC Chairman Gary Gensler will resign after Trump takes office, saying that whoever takes over the position will play the “most critical role” in the cryptocurrency industry.
"I think this is incredibly positive for digital assets, very good for the crypto industry, we're going to see more pro-Bitcoin policies, we're going to see a digital asset framework, we're going to see an end to the crypto litigation war."
Bitcoin Strategic Reserve Act is the ' greatest deal ' of the century
Meanwhile, at the Digital Assets and AI Infrastructure Conference on Nov. 13, Saylor declared the U.S. Bitcoin Strategic Reserve Act “the greatest deal of the 21st century.” If passed, the bill would set a goal for the U.S. government to accumulate 1 million bitcoins within five years, or about 5% of the total bitcoin supply.
“If we don’t pass this bill, what we’re doing is leaving existing Bitcoin on our balance sheet, which is worth $3 trillion.” If the bill passes, “as currently drafted, it would generate $16 trillion in benefits for the United States over 21 years.”
“If they decided to double the maximum limit of Bitcoin, that would be a $30 trillion gain.”
However, Galaxy Digital founder Mike Novogratz said it is "very unlikely" that Trump's promise to establish a strategic reserve of Bitcoin will be fulfilled during his term.
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