- Michael Saylor predicts a 10-fold increase in BTC demand by the end of 2024.
- At the time of writing, Bitcoin is trading at $37,048, up 1.33% in the last 24 hours.
Recent substantial spikes in the crypto market may be attributed to a confluence of optimistic events in the industry. BlackRock was the primary catalyst as the company filed for a spot ether ETF with the State of Delaware, which drove the prices of most cryptocurrencies.
Market confidence has been strengthened and Bitcoin has been able to retake important technical levels, despite warnings from experts that approvals may not immediately result in ETF launches.
MicroStrategy co-founder Michael Saylor answered a question on his predictions for Bitcoin and its ecosystem over the upcoming four to five years during a keynote on November 10 at the 2023 Australia Crypto Convention. Saylor predicts a 10-fold increase in BTC demand by the end of 2024, just in time for the Bitcoin halving.
Price Likely To Retest $38,000 Level
Following a 40% increase beginning in mid-October, the price of bitcoin has lately fluctuated between $35.5k and $37k. The surge of enthusiasm was amplified when it almost touched the $38,000 barrier.
At the time of writing, Bitcoin is trading at $37,048, up 1.33% in the last 24 hours as per data from CoinMarketCap. However, the trading volume is down 37.90%. The price recently found support at $36,120 level after failing to break above the key $38,000 mark. The bulls are eying to retest this key resistance level. A clear breakout above this level will likely see price rallying further towards $40,800 resistance level.
On the other hand, if price falls below $36,120 level, then it will go all the way till $35,180 support level. Further decline will push the price towards the $34,610 mark.
