Michael Saylor, the Chairman of MicroStrategy, has sparked considerable interest among cryptocurrency enthusiasts with his recent prediction about Bitcoin [BTC].
During an interview with “CNBC Squawk Box” on September 10th, Saylor made a daring forecast that Bitcoin could potentially hit $13 million by 2045.
Michael Saylor’s Adventurous Prediction
While speaking, Saylor emphasized that BTC currently represents just 0.1% of the global capital but he envisages it can grow to 7%, triggering a surge in BTC’s price to $13 million.
Moreover, Saylor pointed out the distinctiveness of Bitcoin, stating that it operates independently without relying on any third party, thereby reducing risks compared to other investment options.
Despite Bitcoin being commonly perceived as a high-risk investment due to its volatility, Saylor argued that it offers a safe haven for investors seeking secure and steady investments.
Bitcoin Technical Analysis and Vital Levels
Despite Saylor’s long-term predictions spanning over 21 years, current technical analysis from CryptoCrypto indicates that Bitcoin displays bullish signals, despite trading below the 200 Exponential Moving Average (EMA) on the daily chart.
Since March 2024, Bitcoin has been oscillating within a descending parallel channel, with the BTC price touching the lower channel on five occasions during this period.
Based on historical trends, each time BTC hits the lower channel, it tends to witness a surge of more than 20%. A similar surge might be expected this time around.
However, Bitcoin is presently encountering robust resistance around the $57,300 mark.
If it manages to break out and close a daily candle above this level, there is a strong likelihood that BTC could experience significant gains, potentially reaching $65,000 and $69,000 in the days to come.
Meanwhile, Bitcoin’s Relative Strength Index (RSI) has showcased a bullish divergence on the daily timeframe, indicating a potential reversal in trend from downtrend to uptrend.
Bullish On-Chain Metrics
On-chain metrics further bolster this positive outlook. Coinglass’s BTC Long/Short ratio was recorded at +1.039, reflecting bullish traders’ optimism over the past 24 hours.
BTC’s Future Open Interest has surged by over 3% during the same duration and has been consistently rising in recent days.
A favorable long/short ratio coupled with high Open Interest implies potential buying opportunities. Traders often leverage this combination to establish their positions.
Currently, Bitcoin is trading around the $57,000 level, having witnessed a jump of more than 3% in the last 24 hours.
Trading volume has surged by 46% during the same period, indicating increased participation from crypto enthusiasts amidst the price recovery.