bullish

Future

Skyrocketing

Bitcoin

Squawk

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>MicroStrategy’s Chairman, Michael Saylor, predicts Bitcoin could reach $13 million by 2045.</li> 
 <li>Bitcoin’s RSI shows a bullish divergence, indicating a potential trend reversal.</li> 
</ul>  
<h2 id="michael-saylor-s-bitcoin-prediction">Michael Saylor’s Bitcoin Prediction</h2> 
<p>Michael Saylor, Chairman of MicroStrategy, recently made a bold prediction about <a href="https://coineagle.com/price/bitcoin/">Bitcoin (BTC)</a>. During an interview with CNBC Squawk Box on September 10th, Saylor suggested that Bitcoin could reach $13 million by 2045. </p> 
<p>He explained that Bitcoin currently represents only 0.1% of global capital. However, he believes it could grow to 7%, which could potentially drive Bitcoin’s price to $13 million. Saylor also emphasized Bitcoin’s uniqueness, stating that it doesn’t rely on any third party, making it less risky compared to other investment products. </p> 
<h2 id="bitcoin-s-technical-analysis">Bitcoin’s Technical Analysis</h2> 
<p>Despite Saylor’s long-term prediction, current technical analysis shows Bitcoin in a bullish state, even though it’s trading below the 200 Exponential Moving Average (EMA) on the daily timeframe. Since March 2024, Bitcoin has moved within a descending parallel channel, touching the lower channel five times. </p> 
<p>Historically, when Bitcoin reaches the lower channel, it tends to experience a surge of over 20%. Currently, Bitcoin is facing strong resistance near the $57,300 level. If it breaks out and closes a daily candle above that level, it could potentially reach $65,000 and $69,000 in the near future. </p> 
<p>Furthermore, Bitcoin’s Relative Strength Index (RSI) has formed a bullish divergence on a daily time frame, indicating a potential trend reversal from a downtrend to an uptrend. </p> 
<h2 id="positive-on-chain-metrics">Positive On-Chain Metrics</h2> 
<p>On-chain metrics also support this bullish outlook. Coinglass’s BTC Long/Short ratio was +1.039 at the time of writing, reflecting positive sentiment among bullish traders. BTC’s Future Open Interest has increased by over 3% during the same period and has been rising steadily for the past few days. </p> 
<p>This positive long/short ratio and high Open Interest suggest potential buying opportunities. Traders often use this combination to build their positions. At press time, BTC was trading near the $57,000 level, having experienced a price surge of over 3% in the last 24 hours. Its trading volume has skyrocketed by 46% during the same period, indicating higher participation from crypto enthusiasts amid price recovery. </p>

Is Michael Saylor’s Forecast of Bitcoin Skyrocketing to $13M Plausible?

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CoinEagle.com

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