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- Michael Saylor Doubles Down: Bitcoin Won’t Drop to $60K
Michael Saylor Doubles Down: Bitcoin Won’t Drop to $60K
Michael Saylor, founder of MicroStrategy, dismisses Bitcoin falling to $60,000, confidently predicting BTC will hit $100,000 by year-end.
Joe G & Money Talks
November 15, 2024 • Estimated Reading Time: 7 minutes
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What we will talk about today...
Bitcoin Slips as Fed Hints at Delayed Rate Cuts
Michael Saylor Doubles Down: Bitcoin Won’t Drop to $60K
Can Bitcoin Hit $100K by Thanksgiving? Bulls Eye Key Support
Bitcoin fell nearly 3% after Federal Reserve Chair Jerome Powell suggested no urgency for further interest rate cuts, leaving traders uncertain about December's outlook.
BREAKING: Prediction market odds of NO rate cut in December skyrocket to 38% after Fed Chair Powell speaks.
Fed Chair Powell said the Fed does not need to be "in a hurry" to reduce interest rates.
This comes less than 2 months after the Fed started their rate cut cycle with a… x.com/i/web/status/1…
— The Kobeissi Letter (@KobeissiLetter)
8:19 PM • Nov 14, 2024
Main Points:
Powell’s Remarks: The Fed Chair stated the economy doesn't require a "hurry to lower rates."
Bitcoin Impact: BTC dropped to $86,979 before recovering to $88,100.
Market Sentiment: Odds of a December rate cut have dropped to 59%.
Detailed Insights:
Economic Strength: Powell highlighted a resilient economy allowing careful policy adjustments.
Bitcoin Sentiment: Traders eye interest rates as lower rates often boost alternative assets like BTC.
Inflation Data: Producer Price Index showed a slight increase, reducing the need for immediate rate adjustments.
Mixed Economic Policies: Trump’s policies may spur growth but risk higher interest rates, affecting markets.
The Fed’s cautious stance leaves Bitcoin investors watching closely as December's decision approaches.
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Michael Saylor Doubles Down: Bitcoin Won’t Drop to $60K
Michael Saylor, founder of MicroStrategy, dismisses Bitcoin falling to $60,000, confidently predicting BTC will hit $100,000 by year-end.
My #Bitcoin strategy is simple:
1) I buy Bitcoin when I have extra fiat
2) I sell Bitcoin when I need more fiat
3) I don't borrow against my bitcoin
4) I try to increase my income so I can avoid selling as much as possible
5) I don't care about the price when I buy (because… x.com/i/web/status/1…
— Rajat Soni, CFA (@rajatsonifnance)
12:58 AM • Nov 15, 2024
Main Points:
No $60K Retrace: Saylor rules out Bitcoin dropping to $60K or lower.
$100K Party: Predicts BTC reaching $100K by New Year’s Eve 2024.
Market Outlook: Analysts debate potential highs and market volatility.
Strategic Bitcoin Bill: Saylor touts potential trillions in U.S. benefits.
Detailed Insights:
Bullish Sentiment: Saylor sees no immediate threats, citing pro-Bitcoin U.S. policy momentum.
Analyst Views: Mixed opinions; some predict BTC could dip to $59K, others expect new highs.
Policy Impact: Advocates for the Strategic Bitcoin Reserve Bill, calling it a “$16 trillion benefit.”
Skepticism: Mike Novogratz doubts Trump will prioritize Bitcoin reserves.
Saylor’s optimism reflects broader market confidence, though volatility and policy outcomes remain pivotal.
Bitcoin is entering the thrill phase 🚀
Expect high volatility, more liquidations but overall the price trend will be to the
upside making new highs.$150,000 BTC is coming in 2025
— Ash Crypto (@Ashcryptoreal)
10:23 PM • Nov 14, 2024
₿itcoin reached $89,365. -1.96%
♢Ethereum reached $3,099. -2.65%
Bitcoin’s push to $100K hinges on holding critical $87K support amid rising inflation and Fed uncertainty.
BREAKING: October PPI inflation RISES to 2.4%, above expectations of 2.3%.
Core PPI inflation RISES to 3.1%, above expectations of 3.0%.
Both PPI and CPI inflation are now officially back on the rise with Core inflation above 3.0%.
The Fed's job is still far from done here.
— The Kobeissi Letter (@KobeissiLetter)
1:30 PM • Nov 14, 2024
Main Points:
Support Retests: Bitcoin consolidates after new highs; $87K support is pivotal.
Inflation Pressure: U.S. Producer Price Index (PPI) rises to 2.4%, stoking stagflation fears.
Fed Outlook Shifts: Rate cut probabilities drop from 82% to 58%.
Thanksgiving Target: Analysts see $100K as possible if bulls maintain momentum.
Detailed Insights:
Key Support Levels: Traders emphasize $87K as the “line in the sand”; losing it risks a drop to $75K–$76K.
Market Sentiment: Inflation data and Fed hesitancy could slow risk asset rallies, including Bitcoin.
Short-Term Resistance: Aggressive selling observed, but traders expect recovery if support holds.
$100K Potential: Momentum from recent highs positions Bitcoin for a Thanksgiving rally, barring significant setbacks.
As Bitcoin navigates inflation concerns and Federal Reserve decisions, market watchers remain cautiously optimistic about hitting $100K.
At a high level, stagflation is an economy with RISING unemployment and rising prices.
This is a nightmare situation for the Fed because it puts them in a lose-lose situation.
If you raise rates, we head into a recession, if you cut rates, inflation rises even further.
— The Kobeissi Letter (@KobeissiLetter)
2:18 PM • Nov 14, 2024
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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results