Key Points
- MicroStrategy’s Chairman, Michael Saylor, predicts Bitcoin could reach $13 million by 2045.
- Bitcoin’s RSI shows a bullish divergence, indicating a potential trend reversal.
Michael Saylor’s Bitcoin Prediction
Michael Saylor, Chairman of MicroStrategy, recently made a bold prediction about Bitcoin (BTC). During an interview with CNBC Squawk Box on September 10th, Saylor suggested that Bitcoin could reach $13 million by 2045.
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.
Bitcoin’s Technical Analysis
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.
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.
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.
Positive On-Chain Metrics
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.
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.
