contributor
Posted:
- Michael Saylor saw Bitcoin as a secure and stable investment.
- Bitcoin’s RSI has formed a bullish divergence on a daily time frame, indicating a trend reversal.
Michael Saylor, the Chairman of MicroStrategy has garnered significant attention from crypto enthusiasts following his recent Bitcoin [BTC] prediction.
On the 10th of September, during an interview with “CNBC Squawk Box,” Saylor made a bold prediction that Bitcoin could reach $13 million by 2045.
Micheal Saylor’s bold prediction
During the interview, Saylor highlighted that BTC represented only 0.1% of global capital, but he believed it could grow to 7%. If this big shift occurs, it could push BTC’s price to $13 million.
Additionally, Saylor pointed out that Bitcoin is unique because it doesn’t rely on any third party, which makes it less risky as compared to other investment products.
While many view Bitcoin as a high-risk investment due to its volatile nature, Saylor argued that it’s actually a safe option for investors who believe in secure and stable investment.
Bitcoin technical analysis and key levels
Despite Saylor’s predictions, which spans 21 years, AMBCrypto‘s current expert technical analysis showed that Bitcoin appeared bullish, despite trading below the 200 Exponential Moving Average (EMA) on the daily timeframe.
Since March 2024, Bitcoin has been moving within a descending parallel channel, and during this period, the BTC price has touched the lower channel five times.
Source: TradingView
Based on historical data, whenever BTC reaches the lower channel, it tends to experience a price surge of over 20%. We may see a similar surge this time.
However, Bitcoin is currently facing strong resistance near the $57,300 level.
If it breaks out and closes a daily candle above that level, there is a high possibility BTC could soar significantly, and potentially reach $65,000 and $69,000 in the coming days.
Meanwhile, Bitcoin’s Relative Strength Index (RSI) has formed a bullish divergence on a daily time frame, indicating a trend reversal from a downtrend to an uptrend.
Bullish on-chain metrics
On-chain metrics also support this bullish outlook. Coinglass’s BTC Long/Short ratio stood at +1.039 at press time, reflecting a positive sentiment among bullish traders over the last 24 hours.
BTC’s Future Open Interest has increased by over 3% during the same period and has been rising steadily for the past few days.
Source: Coinglass
A positive long/short ratio and high Open Interest suggests potential buying opportunities. Traders often use this combination to build their positions.
Source: Coinglass
Read Bitcoin’s [BTC] Price Prediction 2024–2025
At press time, BTC was trading near the $57,000 level, having experienced a price surge of over 3% in the last 24 hours.
Its trading volume has skyrocketed by 46% during the same period, indicating higher participation from crypto enthusiasts amid price recovery.
contributor
Posted:
- Michael Saylor saw Bitcoin as a secure and stable investment.
- Bitcoin’s RSI has formed a bullish divergence on a daily time frame, indicating a trend reversal.
Michael Saylor, the Chairman of MicroStrategy has garnered significant attention from crypto enthusiasts following his recent Bitcoin [BTC] prediction.
On the 10th of September, during an interview with “CNBC Squawk Box,” Saylor made a bold prediction that Bitcoin could reach $13 million by 2045.
Micheal Saylor’s bold prediction
During the interview, Saylor highlighted that BTC represented only 0.1% of global capital, but he believed it could grow to 7%. If this big shift occurs, it could push BTC’s price to $13 million.
Additionally, Saylor pointed out that Bitcoin is unique because it doesn’t rely on any third party, which makes it less risky as compared to other investment products.
While many view Bitcoin as a high-risk investment due to its volatile nature, Saylor argued that it’s actually a safe option for investors who believe in secure and stable investment.
Bitcoin technical analysis and key levels
Despite Saylor’s predictions, which spans 21 years, AMBCrypto‘s current expert technical analysis showed that Bitcoin appeared bullish, despite trading below the 200 Exponential Moving Average (EMA) on the daily timeframe.
Since March 2024, Bitcoin has been moving within a descending parallel channel, and during this period, the BTC price has touched the lower channel five times.
Source: TradingView
Based on historical data, whenever BTC reaches the lower channel, it tends to experience a price surge of over 20%. We may see a similar surge this time.
However, Bitcoin is currently facing strong resistance near the $57,300 level.
If it breaks out and closes a daily candle above that level, there is a high possibility BTC could soar significantly, and potentially reach $65,000 and $69,000 in the coming days.
Meanwhile, Bitcoin’s Relative Strength Index (RSI) has formed a bullish divergence on a daily time frame, indicating a trend reversal from a downtrend to an uptrend.
Bullish on-chain metrics
On-chain metrics also support this bullish outlook. Coinglass’s BTC Long/Short ratio stood at +1.039 at press time, reflecting a positive sentiment among bullish traders over the last 24 hours.
BTC’s Future Open Interest has increased by over 3% during the same period and has been rising steadily for the past few days.
Source: Coinglass
A positive long/short ratio and high Open Interest suggests potential buying opportunities. Traders often use this combination to build their positions.
Source: Coinglass
Read Bitcoin’s [BTC] Price Prediction 2024–2025
At press time, BTC was trading near the $57,000 level, having experienced a price surge of over 3% in the last 24 hours.
Its trading volume has skyrocketed by 46% during the same period, indicating higher participation from crypto enthusiasts amid price recovery.
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