As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless market fluctuations and learned to read between the lines of seemingly innocuous tweets. Michael Saylor’s recent tweet, “Take a Holiday ₿reak,” is not merely a whimsical holiday greeting; it carries a subtle hint of caution and resilience in the face of adversity.
Michael Saylor, the founder and executive chair of the prominent business intelligence company, MicroStrategy, seems to have made a statement about today’s drop in Bitcoin prices, which occurred around the time of the 2024 winter holiday season.
Saylor reacts to Bitcoin price plunge
Initially surging by nearly 6% to reach the $99,400 zone on December 24, just before Christmas, Bitcoin maintained its position in that range for two days, peaking at $99,881. However, it has since experienced a significant drop of around 4.57%, currently trading at $95,203 per coin.
Saylor published an AI-generated picture of himself sitting in front of a laptop with a “B”, meaning Bitcoin on it and a Christmas tree in the background. “Take a Holiday ₿reak,” MicroStrategy’s Bitcoin boss tweeted to his X followers.
Take a Holiday ₿reak
— Michael Saylor⚡️ (@saylor) December 26, 2024
Currently, due to a significant decrease in Bitcoin’s price, its total market value has declined by approximately $2 trillion.
Bitcoin can potentially plunge 30%: CryptoQuant founder
Based on the assertion by CryptoQuant’s founder and CEO, Ki Young Ju, it is unlikely that Bitcoin will fall below 70% of its current price. This translates to around $28,832 on charts. So, a potential drop of 30% would mean Bitcoin could reach approximately $67,275 in value.
Regardless, should this proposed decline materialize, as suggested by Ju’s tweet, it is expected to be temporary. Afterwards, Bitcoin is likely to rebound by more than 30% following the drop.
This year, it’s been reported on Twitter that numerous financial entities and significant investors (often referred to as “whales”) have been accumulating substantial amounts of Bitcoin using confidential transactions. It’s estimated that about 1.55 million Bitcoin has been acquired this year through standard purchases, primarily from spot Bitcoin ETFs and companies like MicroStrategy.
Despite his team’s inability to pinpoint specific whales who purchased a substantial amount of Bitcoin through privacy transactions this year, the founder of CryptoQuant emphasized that approximately $7 billion worth of crypto enters the market each week, suggesting heavy buying by large investors or whales.
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2024-12-26 19:18