MicroStrategy founder and Bitcoin bull Michael Saylor has ruled out a Bitcoin retracement to $60,000 — a key price level for much of 2024.
“I don’t think it’s going to $60,000, I don’t think it’s going to $30,000, I think it’s going to go up from here,” Saylor told CNBC on Nov. 14. Bitcoin BTC $88,133 is trading around $87,790, according to CoinMarketCap.
He said Donald Trump’s victory “very decisively” addresses the future of cryptocurrencies and Bitcoin in the United States, adding, “I really don’t see any threat in the short term.
‘Would be surprised’ if Bitcoin misses $100,000 by 2025
“I’m planning on a $100,000 party," Saylor said. "I think it’ll probably be New Year’s Eve at my house, so I’d be surprised if we don’t exceed $100,000 in November or December.”
Keith Alan, co-founder of trading resource Material Indicators, said Bitcoin could potentially reach $100,000 as early as 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.
At press time, Bitcoin is trading at $87,790. Source: CoinMarketCap
Several traders said that while volatility may continue, they are confident that Bitcoin is on the rise.
“Expect more liquidations with high volatility, but overall the price trend will be to the upside, setting new highs,” anonymous cryptocurrency trader Ash Crypto told their 1.2 million X followers in a Nov. 14 post.
The same day, financial analyst Rajat Soni said he doesn’t “care about the price” when buying Bitcoin because “every purchase appreciates in purchasing power.”
Saylor also chimed in on speculation that SEC Chairman Gary Gensler will step down when Trump takes office next year, saying whoever takes over the position will play the “most critical role” in the crypto industry.
“I think it’s very good 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 war on crypto,” he said.
Bitcoin Strategic Reserve Act: “The Deal of the Century”
Meanwhile, at the Cantor Crypto, Digital Assets & AI Infrastructure Conference on Nov. 13, Saylor declared the United States Strategic Bitcoin Reserve Act — which, if passed, would set a goal for the U.S. government to accumulate 1 million BTC, or about 5% of the total Bitcoin supply, within five years — the “biggest deal of the 21st century.”
“If we don’t pass this bill and all we do is keep existing Bitcoin on our balance sheet, it’s worth $3 trillion to people,” he said. Saylor added that if the bill passes, “as it’s currently drafted, it would provide $16 trillion in benefits to the United States over 21 years.”
“If they decide to double the ceiling, and double it again, that’s a $30 trillion benefit,” he said.
Still, Galaxy Digital founder Mike Novogratz said the chances of President-elect Trump following through on his promise to build a strategic reserve of Bitcoin during his term are “low.”
