Planning for Bitcoin's $100,000 Party, No Retracement to $60,000

MicroStrategy founder and Bitcoin bull Michael Saylor ruled out the possibility of Bitcoin pulling back to $60,000.

Saylor said in an interview with CNBC: "I don't think Bitcoin will pull back to $60,000, let alone $30,000. It will rise from the current price."

It would be "surprising" if it didn't break through $100,000

Recently, Saylor said: "I'm planning a party for Bitcoin to reach $100,000." "I think it might be on the eve of my family's New Year's party, so I would be surprised if Bitcoin didn't exceed $100,000 in November or December."

In line with Saylor’s views, Material Indicators co-founder Keith Alan said that Bitcoin has the potential to reach $100,000 by November 28 or before Thanksgiving in the United States.

Nevertheless, CryptoQuant CEO Ki Young Ju warned on November 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 plunge.

Some traders said that while volatility may continue, they believe Bitcoin will continue to rise.

Ash crypto, an anonymous crypto trader, said in a post on November 14: "High volatility is expected to lead to more liquidations, but overall the price trend is to break new highs."

Financial analyst Rajat Soni also said on November 14 that he "doesn't care about the price" when buying Bitcoin because "each purchase increases purchasing power." ”

Saylor also commented 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 and very good for the crypto industry. We will see more policies that support Bitcoin, we will see a digital asset framework, and we will see the end of the crypto litigation war."

Bitcoin Strategic Reserve Act is the "greatest deal" of the century

Meanwhile, at the Digital Assets and Artificial Intelligence Infrastructure Conference on November 13, Saylor declared the U.S. Bitcoin Strategic Reserve Act to be 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, which is about 5% of the total supply of bitcoin.

"If we don't pass this bill, what we're going to do is leave the existing Bitcoin on our balance sheet, which is worth $3 trillion." If the bill passes, "as it's currently drafted, it would generate $16 trillion in benefits for the United States over 21 years." "If they decide to double the maximum limit of Bitcoin, it will bring $30 trillion in benefits." However, Galaxy Digital founder Mike Novogratz said that it is "very unlikely" to fulfill the promise to establish a strategic reserve of Bitcoin during Trump's term. In addition, Michael Saylor also said that the idea of ​​the United States buying strategic assets is not new, and pointed out the acquisition of Manhattan, the Louisiana Purchase, and the purchase of California and Alaska in the 19th century, all of which have brought trillions of dollars in returns to the United States. Saylor also pointed out that there have been several other strategic purchases in U.S. history, such as gold, oil, grains, and helium. Saylor said: "This has been done before, and it's a very simple idea: find out where the value is going to be, buy it at a low price and hold it. Bitcoin is America's Manifest Destiny. I think the Trump administration understands this, and I think Senator Loomis understands it. That's why the U.S. strategy of building up its Bitcoin reserves will work."