{"id":52011,"date":"2024-11-16T01:05:00","date_gmt":"2024-11-16T01:05:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-price-wont-fall-60k-no-threats-microstrategy-michael-saylor"},"modified":"2024-11-16T07:51:39","modified_gmt":"2024-11-16T07:51:39","slug":"bitcoin-will-not-fall-to-60k-with-no-threats-in-the-near-term-michael-saylor","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=52011","title":{"rendered":"Bitcoin will not fall to $60K with no \u2018threats in the near-term\u2019 \u2014 Michael Saylor"},"content":{"rendered":"

MicroStrategy founder and Bitcoin bull Michael Saylor has ruled out the chances of Bitcoin retracing to $60,000 \u2014 a crucial price level for the majority of 2024.<\/p>\n

\u201cI don\u2019t think it is going to $60,000, it is not going to $30,000, I think it is going to go up from here,\u201d Saylor told CNBC on Nov. 14. Bitcoin (BTC) is trading around $87,790, according to CoinMarketCap.<\/p>\n

He said Donald Trump\u2019s win \u201cvery decidedly\u201d settled the future of crypto and Bitcoin in the United States, adding, \u201cI don\u2019t really see any threats on the near-term horizon.\u201d<\/p>\n

\u201cWould be surprised\u201d if Bitcoin misses $100,000 before 2025<\/h2>\n

\u201cI\u2019m planning the $100,000 party,\u201d Saylor said. \u201cI\u2019m thinking it\u2019s probably going to be New Year\u2019s Eve at my house, so I would be surprised if we don\u2019t go through $100,000 in November or December.\u201d<\/p>\n

Echoing Saylor, Keith Alan, co-founder of trading resource Material Indicators, says it is possible for Bitcoin to reach $100,000 as soon as Nov. 28 \u2014 or by Thanksgiving in the US.<\/p>\n

Still, CryptoQuant CEO Ki Young Ju warned on Nov. 9 that Bitcoin might end the year under $59,000, citing an overheated futures market as one of the primary reasons for his predicted end-of-year tumble.<\/p>\n

\"Markets,
Bitcoin is trading at $87,790 at the time of publication. Source: CoinMarketCap<\/em><\/p>\n<\/figcaption><\/figure>\n

Several traders said that while volatility may continue, they are confident Bitcoin is heading upward.<\/p>\n

\u201cExpect high volatility more liquidations, but overall, the price trend will be to the\u00a0upside making new highs,\u201d pseudonymous crypto trader Ash Crypto told their 1.2 million X followers in a Nov. 14 post.<\/p>\n

On the same day, financial analyst Rajat Soni said that he doesn\u2019t \u201ccare about the price\u201d when he buys Bitcoin as \u201cevery buy will appreciate in purchasing power.\u201d<\/p>\n

Saylor also chimed in on speculation that Securities and Exchange Commission Chair Gary Gensler would resign as Trump takes office next year, saying that whoever takes the job has the \u201cmost pivotal role\u201d in the crypto industry.<\/p>\n

\u201cI think this is incredibly bullish for digital assets, it is very good for the crypto industry, we are going to see a lot more pro-Bitcoin policies, we\u2019re going to see a digital assets framework, we\u2019re going to see an end to the war on crypto,\u201d he said.<\/p>\n

Bitcoin Strategic Reserve Bill \u201cgreatest deal\u201d of the century<\/h2>\n

Meanwhile, at the Cantor Crypto, Digital Assets & AI Infrastructure Conference on Nov. 13, Saylor declared that the US Strategic Bitcoin Reserve Bill \u2014 a law that, if passed, would set a goal for the US government to accumulate 1 million Bitcoin, about 5% of Bitcoin\u2019s total supply over five years \u2014 is the \u201cgreatest deal of the 21st Century.\u201d<\/p>\n

Related: <\/strong><\/em>MicroStrategy buys $2B in Bitcoin, boosts holdings to $23B<\/strong><\/em><\/p>\n

\u201cIf we don\u2019t pass that bill, and all we do is hold the existing Bitcoin on the balance sheet, it is worth $3 trillion to the people,\u201d he said. Saylor added if the bill passes \u201cas currently drafted, it is a $16 trillion benefit to the United States over 21 years.\u201d<\/p>\n

\u201cIf they decide to go double max, and double it, it is a $30 trillion benefit,\u201d he said.<\/p>\n

Still, Galaxy Digital founder Mike Novogratz said there is a \u201clow probability\u201d that President-elect Trump will make good on his promise to establish a Bitcoin strategic reserve during his term.<\/p>\n

Magazine: <\/strong><\/em>Legal issues surround the FBI\u2019s creation of fake crypto tokens<\/strong><\/em><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

MicroStrategy founder and Bitcoin bull Michael Saylor has ruled out the chances of Bitcoin retracing to $60,000 \u2014 a crucial price level for the majority of 2024. \u201cI don\u2019t think it is going to $60,000, … Bitcoin will not fall to $60K with no \u2018threats in the near-term\u2019 \u2014 Michael Saylor<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":52015,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-52011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin will not fall to $60K with no \u2018threats in the near-term\u2019 \u2014 Michael Saylor - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=52011\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin will not fall to $60K with no \u2018threats in the near-term\u2019 \u2014 Michael Saylor - 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