- Michael Saylor believes Bitcoin will surpass $100,000 by year-end, dismissing chances of a drop below $60,000.
- Traders and analysts foresee continued Bitcoin volatility, with expectations of new highs in the near term.
- Strategic Bitcoin Reserve Bill could bring trillions in economic benefits if enacted, Saylor says.
MicroStrategy founder Michael Saylor has ruled out a Bitcoin price drop below $60,000, expressing confidence in its continued upward trajectory. Speaking to CNBC on November 14, Saylor stated, “It’s not going to $60,000 or $30,000. It’s going up from here.”
Bitcoin was trading around $87,790 at the time, following significant gains since Donald Trump’s election victory. Saylor attributed the recent rally to a clear pro-Bitcoin stance in the United States, which he believes has removed immediate threats to the cryptocurrency.
Source: CNBC
Optimism Builds Around $100,000 Target
Saylor expressed confidence in Bitcoin reaching $100,000, even hinting at a potential celebration by New Year’s Eve. His optimism aligns with projections from analysts such as Keith Alan of Material Indicators, who suggested Bitcoin could reach the milestone as soon as Thanksgiving on November 28.
Despite the bullish sentiment, CryptoQuant CEO Ki Young Ju offered a cautious outlook, warning that an overheated futures market could drive Bitcoin below $59,000 by year-end.
Market sentiment remains largely positive, with traders like Ash Crypto emphasizing the likelihood of increased volatility leading to new highs. Financial analyst Rajat Soni reinforced a long-term perspective, stating that Bitcoin purchases will consistently appreciate in value over time.
Strategic Reserve Proposal Promises Trillions in Benefits
Saylor also addressed the proposed US Strategic Bitcoin Reserve Bill, describing it as the “greatest deal of the 21st century” during a recent conference. The bill aims to have the US government acquire 1 million Bitcoin over five years, representing 5% of the cryptocurrency’s total supply.
According to Saylor, the legislation could generate $16 trillion in economic benefits over 21 years. However, Galaxy Digital founder Mike Novogratz expressed skepticism about the likelihood of the bill’s passage during Trump’s term, citing political hurdles.
As Bitcoin maintains its position near record highs, market participants remain focused on its potential for further growth, fueled by favorable policies and increasing institutional interest.
