In a bold display of faith in the future of the largest cryptocurrency on the market, Bitcoin (BTC), MicroStrategy co-founder and executive chairman Michael Saylor has disclosed that he owns around $1 billion.
Saylor’s Bitcoin Vision Unshaken
In a recent with Bloomberg Television, Saylor disclosed that he has been steadily accumulating Bitcoin over the past several years and has no plans to sell any of his holdings soon.
“I continue to acquire more,” Saylor stated. “I think it’s a great capital investment asset for an individual, family, institutional corporation or country. I can’t see a better place to put my money.”
Saylor’s personal BTC stash is in addition to the over 226,000 BTC held by MicroStrategy, the enterprise software firm he co-founded and led as CEO until recently transitioning to the executive chairman role.
MicroStrategy began amassing Bitcoin in 2020 to hedge against inflation and has since emerged as the largest publicly traded corporate holder of the cryptocurrency. The company’s Bitcoin holdings are currently valued at around $13 billion.
Despite the recent volatility and price declines in the cryptocurrency market, Saylor remains unwavering in his conviction about Bitcoin’s long-term potential. He views it as a superior store of value and investment asset compared to traditional options like cash, bonds, or even gold.
‘Death Cross’ Analysis & Short-Term Sell Signals
Amid Monday’s broader market crash, market expert Timothy Peterson noted in a that Bitcoin had formed a “death cross,” where the 50-day average exceeds the 200-day average. Interestingly, Peterson notes that this rare event has only taken place eight times since 2015.
Historical data analyzed by Peterson revealed that Bitcoin experienced a positive outcome approximately 62% of the time following previous’ death cross’ instances. Notably, downturns were observed during bear market years such as 2014, 2019, and 2022.
Nevertheless, Peterson expressed skepticism about a repeat of such downturns, suggesting that Bitcoin plummeting below $40,000 by year-end seems improbable. Instead, he projected a potential surge to over $90,000 by the year’s close, drawing parallels to past bullish trends following similar patterns.
Despite these optimistic projections, the short-term outlook for Bitcoin faced a dose of caution from crypto analyst Ali Martinez. On Tuesday, Martinez raised concerns as the TD Sequential indicator on Bitcoin’s 4-hour chart.
This indicator, which assesses potential trend exhaustion points, hinted at an impending correction as Bitcoin’s price surged above $57,000 on Tuesday. The analyst’s warning proved prescient as Bitcoin underwent a retracement of nearly 3% within the last 24 hours, hitting a daily low of $54,700.
Featured image from DALL-E, chart from TradingView.com