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Bitcoin (BTC) is experiencing a remarkable resurgence. An opportunity that Michael Saylor, the co-founder of MicroStrategy, always takes to share his thoughts about what he thinks would happen to the flagship crypto in the future. His projections regarding bitcoin (BTC) are rarely pessimistic.
Is Bitcoin (BTC) still below its “true” valuation?
Michael Saylor, co-founder of MicroStrategy and a leading figure in the crypto industry, recently expressed his opinion on the future trajectory of bitcoin’s (BTC) price. His view comes in the context of the flagship cryptocurrency’s recent surge.
As a reminder, bitcoin (BTC) has broken the $50,000 resistance and reached a valuation of $52,200. This was after it gained 1.57% on its valuation from 24 hours ago for a weekly rise of 16.66%.
According to Michael Saylor, this significant upswing is far from sufficient. He asserts that the current price of bitcoin remains below 0.06 million dollars, providing a concrete reference point for market observers.
Michael Saylor’s comments about bitcoin are based on thorough analysis rather than speculative conjecture. But concretely, what can they mean for the crypto community?
The implications for bitcoin’s (BTC) outlook
Michael Saylor’s opinion has a twofold implication for the trajectory of bitcoin. Firstly, it points to a short-term goal of $60,000. This level is just steps away from the flagship cryptocurrency’s previous peak of $69,000.
On the other hand, he alludes to a more ambitious long-term goal—a bitcoin (BTC) target price close to 1 million dollars. That is exactly the projection made by Cathie Wood, the head of Ark Invest, a few months ago.
Note that under the leadership of Michael Saylor, MicroStrategy has accumulated a significant bitcoin (BTC) portfolio. A treasure whose value currently stands at 190,000 BTC, positioning MicroStrategy as one of the most significant BTC whales.
For many analysts, the prospects of bitcoin are positive. Even though the Federal Reserve’s (Fed) recent decision to maintain interest rates has caused the crypto market to react, slightly falling by 0.3% to approximately $1.94 trillion.
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Diplômé de Sciences Po Toulouse et titulaire d’une certification consultant blockchain délivrée par Alyra, j’ai rejoint l’aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l’économie, j’ai pris l’engagement de sensibiliser et d’informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu’elle offre. Je m’efforce chaque jour de fournir une analyse objective de l’actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.