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Here’s Michael Saylor’s advice to Bitcoin investors: will the price drop more?
Michael Saylor, co-founder of MicroStrategy and a prominent Bitcoin advocate, shared valuable advice for the Bitcoin community following a sudden drop in the price of Bitcoin. AS Bitcoin lost its $67,840 resistance level, plunging to $65,600 overnight, Saylor’s words aim to boost confidence among both seasoned investors and newcomers to the world of cryptocurrencies.
An appeal to the Bitcoin mentality
Saylor, known for his strong belief in Bitcoin, encouraged the community to “learn to think in Bitcoin,” in his recent tweet post. This statement highlights the importance of taking a long-term perspective on the value and potential of Bitcoin. Saylor’s advice comes at a time when market volatility can easily unsettle investors, especially those who are new to the industry.
A front-line leader, MicroStrategy began its Bitcoin journey in August 2020 and has since developed a long-term strategy focused on accumulating the leading digital currency. To date, MicroStrategy owns 214,400 bitcoins at an average price of $35,158.00 with a total cost of $7.538 billion.
Last week marked a significant turning point for Bitcoin ETFs, which attracted inflows of $1.8 billion after a previous streak of 19 consecutive days without them. On Wednesday alone, these BTC-based products saw an impressive inflow of $101 million, signaling growth investors interest and trust.
Bitcoin in free fall: $63,000
Renowned crypto analyst Michael van de Poppe analyzed the current state of Bitcoin. He noted that BTC has been stuck between $57,000 and $73,000 for a long time and expects the price to decline further in the first part of the week. However, he believes that BTC will remain firmly in the $63,000 to $64,5,000 range.
Although Bitcoin’s sideways price action has sparked some impatience among investors. However, if the BTC price manages to give some upside surprises. As of now, BTC is trading at $65,681 showing a decline of 2% with a market cap of $1.29 trillion.