Despite the positive sentiments, Ki Young Ju, CEO of CryptoQuant, warned that Bitcoin might close the year below $59,000.
By Bena Ilyas
Edited by Julia Sakovich
Updated
3 mins read
Michael Saylor, co-founder of MicroStrategy, shared an optimistic forecast during a CNBC interview on November 14, 2024. He projected that Bitcoin’s BTC $94 702 24h volatility: 1.5% Market cap: $1.88 T Vol. 24h: $35.76 B value could surpass $100,000 by year-end. Saylor revealed his plans for a celebratory event, naming it the “Bitcoin $100,000 party”, and expressed optimism about achieving the milestone within November or December.
Bitcoin is Manifest Destiny for the United States. My discussion of The Red Wave, MicroStrategy's $42 Billion Plan, the compelling logic of the Strategic #Bitcoin Reserve, and getting ready for the 100K party, with @MorganLBrennan. pic.twitter.com/fvkwRnCzlU
— Michael Saylor⚡️ (@saylor) November 14, 2024
“I’m planning the $100,000 party, and I’m thinking that it’s probably going to be New Year’s Eve at my house,” Saylor said. “So, I will be surprised if we don’t go through $100,000 in November or December.”
Michael Saylor strongly emphasized his belief in Bitcoin’s continued rise, dismissing any chances of a significant decline in its value. He ruled out the possibility of Bitcoin falling back to $30,000 or even $60,000, which has been a key price level throughout 2024. Instead, he projected a steady upward trajectory for the cryptocurrency.
“I don’t think it is going to $60,000, it is not going to $30,000, I think it is going to go up from here,” he explained.
Saylor linked his optimism to shifts in the US political landscape, particularly the influence of former President Donald Trump’s leadership. He suggested that these changes have strengthened Bitcoin’s standing in the country, leaving no immediate obstacles to its growth. Confident in the market’s stability, he expressed no concerns:
“I don’t really see any threats on the near-term horizon.”
Echoing Saylor’s perspective, co-founder of Material Indicators, Keith Alan, predicted that Bitcoin could reach $100,000 as early as November 28, aligning with the U.S. Thanksgiving holiday. Meanwhile, Ki Young Ju, CEO of CryptoQuant, warned that Bitcoin might close the year below $59,000. He pointed to risks stemming from an overheated futures market, which could trigger a sharp downturn.
Despite varying opinions, Pseudonymous trader Ash Crypto predicted significant price swings and liquidations but maintained that the overall trend would push the cryptocurrency to new highs. While volatility looms, the broader sentiment leans toward sustained upward momentum for Bitcoin.
Bitcoin is entering the thrill phase 🚀
— Ash Crypto (@Ashcryptoreal) November 14, 2024
Expect high volatility, more liquidations but overall the price trend will be to the
upside making new highs.
$150,000 BTC is coming in 2025 pic.twitter.com/fnzpa6pqcy
Saylor shared his views on the future of crypto regulation. He addressed speculation regarding the potential resignation of Gary Gensler, chair of the US Securities and Exchange Commission (SEC), if Donald Trump returns to office. Saylor emphasized that whoever assumes the SEC chair will hold significant influence over the crypto industry. He predicted a shift toward more pro-Bitcoin policies under new leadership at the SEC.
At the Cantor Crypto, Digital Assets & AI Infrastructure Conference on November 13, Saylor further discussed the potential impact of the US Strategic Bitcoin Reserve Bill. This proposed legislation seeks to have the US government acquire 1 million Bitcoins, approximately 5% of the total Bitcoin supply, over five years.
Saylor hailed the bill as a transformative opportunity for the nation, claiming it could provide immense benefits. He added that if the bill fails and only existing Bitcoin remains on the balance sheet, it would still be worth $3 trillion to Americans. If the bill proceeds as written, Saylor believes it could deliver a $16 trillion benefit over the next 21 years.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
