Michael Saylor, the founder and executive chairman of MicroStrategy, commented on the recent decline in Bitcoin's price that coincided with the 2024 winter holidays.
Saylor's Reaction to Bitcoin Price Drop
On December 24, before Christmas, Bitcoin surged by almost 6%, reaching the $99,400 mark. It then maintained this range for two days, hitting $99,881 before dropping approximately 4.57%. At the time of writing, Bitcoin is trading at $95,203. Michael Saylor posted an AI-generated picture of himself with a Bitcoin logo on it, encouraging his followers to 'Take a Holiday ₿reak.'
Potential Bitcoin Decline: Expert Opinions
CryptoQuant's founder and CEO Ki Young Ju believes Bitcoin is unlikely to drop below 30% from its current level, which would mean $67,275. Even if this decline occurs, Ju suggests it will be short-lived, with the price quickly rebounding. He noted that numerous financial institutions and whales have been purchasing large amounts of Bitcoin via privacy transactions this year.
Major Bitcoin Purchases This Year
Approximately 1.55 million Bitcoins have been bought this year through regular purchases, mainly by spot Bitcoin ETFs and MicroStrategy. With $7 billion entering the market weekly, whales have been actively purchasing. However, CryptoQuant has been unable to identify which whales have acquired between 240,000 and 420,000 Bitcoins using privacy transactions.
Michael Saylor expressed optimism about Bitcoin's future despite the temporary price decline. Experts maintain that even with a potential downturn, the cryptocurrency is expected to recover quickly, underscored by the interest from major investors and organizations.
