U.Today – Michael Saylor Comments on Bitcoin Drawdown

Saylor reacts to Bitcoin price plunge

Michael Saylor, the founder and executive chairman of MicroStrategy, has commented on the recent Bitcoin price drop during the 2024 winter holiday period.

After Bitcoin rallied by nearly 6% to reach the $99,400 range on December 24, the price surged to $99,881 but then fell by about 4.57%. Currently, Bitcoin trades at $95,203.

In response, Saylor shared an AI-generated image of himself with a "B" for Bitcoin and a Christmas tree, tweeting: "Take a Holiday ₿reak" to his followers.

Bitcoin's recent plunge has contributed to a total market capitalization loss of approximately $2 trillion.

Bitcoin can potentially plunge 30%: CryptoQuant founder

Ki Young Ju, founder of CryptoQuant, suggested that Bitcoin is unlikely to drop more than 30% from its current level, estimating a drop to around $67,275. He believes any significant dip would be short-lived, as Bitcoin is expected to quickly recover.

Ju noted that this year has seen many financial institutions and whales purchasing heavy amounts of Bitcoin through private transactions, with around 1.55 million BTC being bought. Furthermore, $7 billion flows into the market each week, indicating substantial accumulation by whales. Ju revealed difficulties in identifying whales behind 240,000 to 420,000 Bitcoin purchases using privacy methods.

This article was originally published on U.Today