Michael Saylor, the founder of MicroStrategy, stated that the world’s top cryptocurrency is unlikely to plunge below $60,000 in the short-term, citing the positive price momentum bitcoin has been experiencing following the 2024 presidential election.
“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,” Saylor told CNBC.
At the time of writing, bitcoin is currently trading above $94,000, and many market forecasters anticipate the world’s leading cryptocurrency may reach $100,000 before the end of the year.
Michael Terpin, author of “The Bitcoin Supercycle,” offers insights on potential and historical price movements: “The starting price is too high this cycle to have a 100x run like 2013, a 30x run like 2017, or probably even an 8x run like 2021.”
“My long-standing projection was for it to go three times the halving price, which clocked in at $63,851. That would imply a terminal all-time high for the cycle of $191,553. Several psychological hurdles need to be met to reach that price, the first being $100,000, which is one-tenth of the way to the long-held hodler’s dream of the million-dollar bitcoin. Prior 10x landmarks were met with both fanfare and quick price appreciation beyond that range, only to fall back again,” Terpin wrote in his book.
According to Terpin, bitcoin’s price could surge to $200,000, fueled by favorable policies and economic shifts, but may hit a ceiling and dip to around $100,000 before rebounding in late 2025. A second wave of enthusiasm, driven by institutional investments and market optimism, could push the price higher, though large investors might cash out, capping the rally around $220,000–$240,000.
