PakGazette – Michael Saylor, founder and CEO of business intelligence giant MicroStrategy, has issued what can be interpreted as a comment on today’s drawdown that coincided with the 2024 winter holiday period.
Saylor Reacts to Bitcoin Price Drop
After the world’s pioneering cryptocurrency rose almost 6% to reclaim the $99,400 zone on December 24 before Christmas Day, BTC managed to trade in that range for two days, reaching $99,881, today it plummeted by approximately 4, 57%. At the time of writing, Bitcoin is trading at $95,203 per coin.
Saylor posted an AI-generated image of himself sitting in front of a laptop with a “B,” which stands for Bitcoin, and a Christmas tree in the background. “Take a vacation,” MicroStrategy’s Bitcoin boss tweeted to his X followers.
As of now, as a result of the huge drop in Bitcoin price, the market capitalization of the cryptocurrency has lost approximately $2 trillion in value.
Bitcoin Can Potentially Drop 30%: CryptoQuant Founder
However, according to the founder and CEO of on-chain data aggregator CryptoQuant Ki Young Ju, Bitcoin would hardly fall less than 30% from its current price level. 30% of the current BTC position on the charts would constitute $28,832. Therefore, a 30% drop would comprise approximately $67,275.
Still, even if this potential crash were to occur, Ju tweeted, it would be short-lived and Bitcoin would quickly recover more than 30% after the crash.
Ju tweeted that this year, many financial institutions and whales have been purchasing large amounts of Bitcoin through private transactions. However, this year approximately 1.55 million Bitcoin have been purchased in regular purchases, using Bitcoin Spot ETFs and MicroStrategy.
Still, the CryptoQuant founder noted that $7 billion enters the market every week, so whales have been buying a lot. However, he admitted that CryptoQuant has not been able to identify the whales that bought between 240,000 and 420,000 Bitcoins this year through private transactions.
