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BTC price cools off, but ‘You can never have too much Bitcoin,’ says Saylor

Press Releases Crypto News Cointelegraph BTC price cools off, but ‘You can never have too much Bitcoin,’ says Saylor

This week Bitcoin (BTC) price came within a hair of the $36,000 mark, before abruptly reversing course and correcting to $34,250. After a near 30% run over the past month, it is natural for the price to cool off as some traders take profit and market participants evaluate whether or not the catalysts for the rally remain valid.

Despite the intraday price action, which saw a 4.67% drawdown, a number of analysts remain bullish on Bitcoin, and some expect another “gamma squeeze” if BTC price manages to push through the $36,300 level.

Permabulls like MicroStrategy CEO Michael Saylor appear unbothered by the whipsaw price action, and on Nov.1, MicroStrategy announced the October purchase of 155 BTC for $5.3 million.

In October, @MicroStrategy acquired an additional 155 BTC for $5.3 million and now holds 158,400 BTC. Please join us at 5pm ET as we discuss our Q3 2023 financial results and answer questions about the outlook for #BusinessIntelligence and #Bitcoin. $MSTR https://t.co/w7eRUcGobi

— Michael Saylor⚡️ (@saylor) November 1, 2023

When asked about the upcoming Bitcoin halving during an interview with CNBC Squawk on the Street host Sara Eisen, Saylor said:

“Most of the natural sellers of Bitcoin in the market right now are Bitcoin miners, and they have to sell to cover their electricity bills and capital costs and retire their debt. That’s about a billion dollars per month worth of selling into the market. The protocol forces that to be cut in half as of next April, or late April.”

Considering the impact of the halving on selling and dema

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Author: Ray Salmond

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