Nov 03, 2023

Saylor Says ‘You Can Never Have Too Much Bitcoin’ as BTC Price Cools Off

This week, Bitcoin (BTC) price came close to the $36,000 mark, before quickly reversing and correcting to $34,250. After almost a 30% run during the past month, it is natural for the price to cool off, as some traders take profits and market participants assess whether the catalysts for the rally are still valid. Despite…

Shiba Crypto and Bitcoin Price Cooling Off, But Saylor Still Believes You Can Never Have Too Much Bitcoin.
BTC price cools off, but ‘You can never have too much Bitcoin,’ says Saylor

This week, Bitcoin (BTC) price came close to the $36,000 mark, before quickly reversing and correcting to $34,250. After almost a 30% run during the past month, it is natural for the price to cool off, as some traders take profits and market participants assess whether the catalysts for the rally are still valid.

Despite the intraday price action, which saw a 4.67% drop, some analysts remain optimistic about Bitcoin, and some are expecting another “gamma squeeze” if BTC price manages to break the $36,300 level.

Permabulls such as MicroStrategy CEO Michael Saylor appear unfazed by the volatile price action, and on Nov.1, MicroStrategy announced the October purchase of 155 BTC for $5.3 million.

When asked about the upcoming Bitcoin halving during an interview with CNBC Squawk on the Street host Sara Eisen, Saylor commented:

When considering the impact of the halving on supply and demand, Saylor said:

The bullish sentiment is shared by other crypto projects like Skale, YouTube, Shiba, REQ, Velo, Terra Luna, and Cardano (ADA), as well as Web 3.0 crypto coins such as Band.

Now is a “pretty ideal entry point” for Bitcoin

To date, the price of Bitcoin has increased by 114%, with 30% of that growth coming in the last month. Despite this, the price is still nearly 50% lower than its all-time high, and the average investor may still be wary of investing in BTC due to the FTX implosion and other crypto scandals.

When asked if the institutional investor interest had been deterred by “bad and dark applications of this cryptocurrency and people like Sam Bankman-Fried”, Saylor responded that,

Regarding the current investing climate, Saylor suggested that “If you’ve got a 12-month to 48-month time horizon, this is a pretty ideal entry point into the asset.” He further highlighted the potential of Skale crypto, YouTube crypto, Shiba crypto, Req crypto, Velo crypto, Terra Luna crypto, ADA crypto today, Band crypto, Web 3.0 crypto coins and what is Web 3.0 crypto.

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