Vigorous Bitcoin advocate Michael Saylor, MicroStrategy’s co-founder and currently its executive chairman, seems to be expecting the world’s largest cryptocurrency to break above the $100,000 level soon.
After Bitcoin surpassed the $92,300 zone, Saylor published a tweet, saying that he was “planning the Bitcoin 100k party.”
Planning the #Bitcoin 100K Party
— Michael Saylor⚡️ (@saylor) November 13, 2024
Bitcoin's November price rally
Over the past 10 days, Bitcoin has demonstrated a mind-boggling resilience and growth as it has added almost 38% to its price, soaring from slightly under $65,000 to $93,270 zone. The overnight surge constituted close to 8%, taking BTC up from $86,520 to $93,274. It was followed by a slight pullback as Bitcoin dropped and is currently changing hands at $90,740.
When Bitcoin came really close to the $90,000 mark, Saylor reacted by publishing a Bitcoin-themed tweet that said: “Have Spacesuit, Will Travel.”
Bitcoin’s rally in early November was fueled by the radical change in U.S. political leadership and the Federal Reserve's cutting interest rates by another 25 basis points. This is the second rate cut this year, after the first one in September. That one was bigger, though, comprising 50 basis points. Prior to that, the most recent rate cut was facilitated by the Fed four years ago, during the pandemic of 2020.
While many expected BTC to skyrocket in October (the month that traders historically call “Uptober”), the parabolic growth did take place in November after all, pulling along the whole cryptocurrency market. Some traders and crypto influencers traditionally expect bullish movements on the markets this month, referring to it as the mysterious SHIB lead Shytoshi Kusama did recently — “Growvember.”
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OG Bitcoiners predict $667,000 per BTC
This week, early Bitconers Adam Back (mentioned by Satoshi Nakamoto in the BTC white paper) and analyst Tuur Demeesteer suggested that BTC is likely to ultimately break above the $600,000 price level.
Demeesteer suggested that once Bitcoin reaches $100,000 (and Saylor begins partying), this is likely to trigger the same reactions of disbelief and statements that BTC has reached its top as when Bitcoin soared to $3,000 back in 2017.
“If the market will be similarly wrong this time around, indeed we would then rally to +$600k,” he concluded. Adam Back provided a more detailed explanation of Demeesteer’s theory, arriving at the $667,000 Bitcoin target.
