Michael Saylor Issues Bitcoin ‘Holiday Break’ Post, Hinting At Current BTC Drawdown

U.Today - Michael Saylor, the founder and executive chairman of MicroStrategy business intelligence giant, has issued what may be interpreted as a comment on today’s Bitcoin drawdown that coincided with the period of 2024 winter holidays.

Saylor reacts to Bitcoin price plungeAfter the world’s pioneer cryptocurrency rallied by almost 6% to recover the $99,400 zone on December 24 before Christmas Day, BTC then managed to trade in that range for two days, reaching $99,881, today, it plummeted by approximately 4.57%. As of this writing, Bitcoin is trading at $95,203 per coin.

Saylor published an AI-generated picture of himself sitting in front of a laptop with a “B”, meaning Bitcoin on it and a Christmas tree in the background. “Take a Holiday ₿reak,” MicroStrategy’s Bitcoin boss tweeted to his X followers.

As of now, as a result of the big Bitcoin price drawdown, the cryptocurrency’s market capitalization has lost roughly $2 trillion in value.

Bitcoin can potentially plunge 30%: CryptoQuant founderHowever, according to the founder and CEO of on-chain data aggregator CryptoQuant Ki Young Ju, Bitcoin would hardly drop lower than 30% from its current price level. 30% from the current BTC position on charts would constitute $28,832. Therefore, a 30% drop would comprise approximately $67,275.

Still, even if this potential drop does happen indeed, Ju tweeted, it would be short-lived and Bitcoin would quickly regain more than 30% after the fall.

Ju tweeted that this year, many financial institutions and whales have been purchasing large amounts of Bitcoin by means of privacy transactions. Approximately 1.55 million Bitcoin has been bought this year in regular purchases, though – by spot Bitcoin ETFs and MicroStrategy.

Still, the CryptoQuant founder pointed out that $7 billion enters the market every week, therefore whales have been buying a lot. However, he admitted that CryptoQuant has been unable to identify whales who have bought between 240,000 and 420,000 Bitcoins this year using privacy transactions.

Source: Investing.com