Market Watch Sep 23: Bitcoin likely has a stable bottom at $20,000, says Michael Saylor.
Michael Saylor, MicroStrategy’s executive chairman, believes the price of Bitcoin has found a stable bottom at around $20,000. He hopes the world’s popular most cryptocurrency will retake its former peak levels of $60,000 within the next four years.
Saylor says the next logical step for Bitcoin is to replace gold as a non-sovereign store of value asset. Earlier in the year, he had said that Bitcoin is the only scarcity in the world. the MicroStrategy boss believes that gold can be created indefinitely.
Bitcoin spot trading, as per on-chain data, has remained elevated as the price of crypto has observed deep discounts. Arcane Research’s latest report states that the current BTC spot volume has a value of $10.8 billion. If the value is high, it signifies that a large number of coins are being moved on spot exchanges, suggesting that the market is active. But if the value is low, it means there isn’t much activity going on in crypto right now. This may suggest that the general interest in Bitcoin is low among traders.
At the time of writing this article, Bitcoin was trading at $19,330. It has gained 3.36% in the last 24 hours, while Ethereum is up by 5.22%. The world’s second-most popular cryptocurrency is changing hands at $1,330. The altcoins have also recorded significant gains. Ripple’s XRP is up by nearly 30% in the last 24 hours. Avalanche has gained 6.10%, Solana 5.33%, Polygon 5.24%, Cardano 5.05%, and Polkadot 4.59%.
3iQ’s Mark Connors believes that despite the current turmoil in crypto markets, Bitcoin will outpace traditional assets in the months ahead forming a nice band around $19,000 to $20,000. He explained that as the market absorbs a higher rate environment and lower growth environment, the top two cryptocurrencies will hold value while the market retreats.