Bitcoin Near-Term Volatility Irrelevant: Michael Saylor

Updated:

MicroStrategy CEO Michael Saylor recently argued that the long-term prospects of Bitcoin (BTC) remain intact, regardless of whatever occurs in the near term. Saylor noted that Bitcoin’s near-term volatility is irrelevant considering the fundamentals backing the leading cryptocurrency.

Speaking at an interview with The Block last week, the MicroStrategy boss noted:

“Bitcoin is the most certain thing in a very uncertain world, it’s more certain than the other 19,000 cryptocurrencies, it’s more certain than any stock, it’s more certain than owning property anywhere in the world.”

Saylor believes that investors who have only spent at least $100 on BTC can speak about the cryptocurrency but argued that they probably “shouldn’t have anything to say about it.”

Owning one of the largest Bitcoin wallets—holding 129,218 BTC—MicroStrategy and its CEO have become leading BTC proponents since the company began adding BTC to its balance sheet in August 2020.

The company’s most recent BTC purchase was revealed in an April 5 filing, where it acquired 4,167 coins worth $190.5 million at the time.

The company has an average Bitcoin acquisition price of $30,700. MicroStrategy’s holding is in the red with the primary cryptocurrency currently trading around $29,700 on Sunday. However, Saylor asserted that the company has no plans of selling, even if BTC loses 95% of its value.

Key Bitcoin Levels to Watch — June 5

Bitcoin has managed to hold within a tight range between $30,000 and $29,500 as it records its first bullish candle in over two months, ending its nine-week bearish streak.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView.

We should record a volatile price dynamic in the coming hours following the opening of the Asian market. I expect to see a volatile reaction to the $31,000 top by Monday, where additional bullish impetus could materialize. Regardless, the possibility of a bearish resumption towards $28,700 remains on the cards in the meantime.

Meanwhile, my resistance levels are at $30,000, $31,000, and $32,000, and my key support levels are at $29,000, $28,700, and $28,000.

Total Market Capitalization: $1.23 trillion

Bitcoin Market Capitalization: $568 billion

Bitcoin Dominance: 46.1%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.