Bitcoin: 1 BTC at $500,000

Bitcoin: Michael Saylor predicts BTC at $500,000

Luckily, bitcoin has rallied more than $1,000 since its low of $18,200 hit Wednesday night ahead of the Fed meeting . However, this recovery phase, which is already showing signs of weakness, has not changed anything about Bitcoin’s current negative chart technical situation.

We recall that Bitcoin reacted negatively to the Fed meeting on Wednesday night, falling to a 3-month low. However, given that the Fed’s decision was largely priced in, the impact was ultimately limited and short-lived, giving enough yesterday to erase the Fed’s losses.

Nonetheless, this has led to a new low, further degrading Bitcoin’s technical profile. The cryptocurrency is struggling with resistance at $19,500/$600, which had already halted Monday’s previous rally.

A drop remains the most likely scenario for Bitcoin in the short term, with yesterday’s low of $18,200 and the psychological threshold of $18,000 seen as the first serious supports near current prices.

Michael Saylor believes a $500,000 bitcoin is possible within the next decade

Aside from this less-than-encouraging context for Bitcoin in the short-term, some of its prominent supporters continue to predict a veritable explosion in Bitcoin’s price over the longer term.

This is particularly true of Michael Saylor, chairman of MicroStrategy (NASDAQ: MSTR ), who in an interview with Marketwatch spoke of the Bitcoin price “within the next four years” reaching its all-time high of November 2021 at almost $70,000 will reach.

In his most recent interview, he went even further, predicting that the cryptocurrency could trade at $500,000 over the next decade if it caught up with gold ‘s market cap :

“The next logical step for bitcoin is to replace gold as a non-sovereign store of value,” he explained.

As a reminder, last year Saylor highlighted the merits of BTC, claiming it was “50 times better” than the precious metal. This summer, he reiterated his sentiment, saying BTC is “obviously better than gold and better than anything gold will ever be.”