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Michael Saylor, co-founder and Executive Chairman of the business intelligence firm MicroStrategy and a well-known Bitcoin advocate, recently reiterated his bullish stance on the leading cryptocurrency during an exclusive interview with CNBC on Monday.
Saylor’s Bitcoin Price Forecast
Saylor, recognized for steering his company towards significant BTC investments to capitalize on its continuous growth, projected a mind-blowing future valuation for Bitcoin. Saylor boldly forecasted that the Bitcoin price could soar to an unprecedented $13 million per coin.
During the interview, Saylor emphasized that Bitcoin represents just 0.1% of the global capital, envisioning a substantial increase to 7%. This monumental shift, he suggested, could propel Bitcoin to the remarkable $13 million mark by 2045.
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Saylor expounded on the cryptocurrency’s growth trajectory by delving into a detailed four-year calculation for the entire BTC market. With an average annual growth rate of 44%, potentially tapering to 40%, 35%, and eventually 30% in the coming years, Saylor outlined a compelling case for Bitcoin outperforming traditional financial indices.
Saylor explained that he envisions BTC’s return outperforming the S&P by 8%, surpassing the market capitalization of the top 500 publicly traded companies in the US, underscoring its potential to disrupt global capital markets.
During the interview, Saylor also took a moment to highlight the cryptocurrency’s unique proposition as an asset without counterparty risk.
Contrary to popular belief that associates Bitcoin with high-risk investments, Saylor posited that BTC represents a safe haven for risk-averse people, emphasizing the desire for security and stability in investment choices.
Market Direction And Support Levels
Delving into the current state of the BTC market, crypto analyst Doctor Profit recently released a report to assess future price movements for the leading crypto. The report poses a crucial question: will the market continue to decline, or is a breakout to the upside imminent?
Drawing parallels to past scenarios, Doctor Profit emphasizes the dangers of waiting for an elusive lower price point, citing a past instance when Bitcoin hovered at $16,000 in 2022, defying expectations of a drop to $10,000.
Central to Doctor Profit’s analysis is the 50-day exponential moving average (EMA) position, currently trailing 2% below the market price of $55,400, indicating a potential opportunity for traders to capitalize on potential recovery for the cryptocurrency.
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In addition, the analyst highlights a second support level 10% below the current price at $48,000, which could act as a barrier to further declines below this point, as it proved key during the August 5 crash that saw BTC plummet to $49,000.
Addressing prevailing sentiments of pessimism and calls for a retreat to $40,000 levels, Doctor Profit offers a nuanced perspective, reminding investors of historical patterns post-Bitcoin Halving events.
With the most recent Halving occurring in April, Doctor Profit contends that the market is well within the typical timeframe for Bitcoin’s parabolic surges, typically observed 10-12 months post-Halving.
While the current sideways movement near the all-time high may evoke fear, Doctor Profit asserts that this phase is a natural part of the market cycle, distinct from the exuberance characterizing previous peaks.
Featured image from DALL-E, chart from TradingView.com