Bitcoin will not fall to $60K with no ‘threats in the near-term’

MicroStrategy founder and Bitcoin bull Michael Saylor has ruled out the chances of Bitcoin retracing to $60,000 — a crucial price level for the majority of 2024.

He said Donald Trump’s win “very decidedly” settled the future of crypto and Bitcoin in the United States, adding, “I don’t really see any threats on the near-term horizon.”

“I’m planning the $100,000 party,” Saylor said. “I’m thinking it’s probably going to be New Year’s Eve at my house, so I would be surprised if we don’t go through $100,000 in November or December.”

Echoing Saylor, Keith Alan, co-founder of trading resource Material Indicators, says it is possible for Bitcoin to reach $100,000 as soon as Nov. 28 — or by Thanksgiving in the US.

Still, CryptoQuant CEO Ki Young Ju warned on Nov. 9 that Bitcoin might end the year under $59,000, citing an overheated futures market as one of the primary reasons for his predicted end-of-year tumble.

Several traders said that while volatility may continue, they are confident Bitcoin is heading upward.

“Expect high volatility more liquidations, but overall, the price trend will be to the upside making new highs,” pseudonymous crypto trader Ash Crypto told their 1.2 million X followers in a Nov. 14 post.

On the same day, financial analyst Rajat Soni said that he doesn’t “care about the price” when he buys Bitcoin as “every buy will appreciate in purchasing power.”

Saylor also chimed in on speculation that Securities and Exchange Commission Chair Gary Gensler would resign as Trump takes office next year, saying that whoever takes the job has the “most pivotal role” in the crypto industry.

“I think this is incredibly bullish for digital assets, it is very good for the crypto industry, we are going to see a lot more pro-Bitcoin policies, we’re going to see a digital assets framework, we’re going to see an end to the war on crypto,” he said.

Meanwhile, at the Cantor Crypto, Digital Assets & AI Infrastructure Conference on Nov. 13, Saylor declared that the US Strategic Bitcoin Reserve Bill — a law that, if passed, would set a goal for the US government to accumulate 1 million Bitcoin, about 5% of Bitcoin’s total supply over five years — is the “greatest deal of the 21st Century.”

“If we don’t pass that bill, and all we do is hold the existing Bitcoin on the balance sheet, it is worth $3 trillion to the people,” he said. Saylor added if the bill passes “as currently drafted, it is a $16 trillion benefit to the United States over 21 years.”

“If they decide to go double max, and double it, it is a $30 trillion benefit,” he said.

Still, Galaxy Digital founder Mike Novogratz said there is a “low probability” that President-elect Trump will make good on his promise to establish a Bitcoin strategic reserve during his term.