Michael Saylor Doubles Down on His Bitcoin (BTC) Bull Thesis, Predicts BTC Will Keep "Going Up Forever"

It will surprise approximately no one that Michael Saylor remains extremely bullish on Bitcoin (BTC), and the MicroStrategy co-founder didn't disappoint on Tuesday.

Bitcoin (BTC) price just “drift[ed] up forever,” according to Michael Saylor, who shared an AI-generated image of himself as a university professor with a piece of chalk on his right hand. He was doing calculations on a blackboard and turned around to explain the subject to the listeners.

Saylor captioned the image: “By my calculations, bitcoin is going up forever.”

The world’s largest crypto just topped $61,000 again on Tuesday, rising from the $58,000 level to a local high of $61,361 over the past 24 hours, according to data from CoinGecko.

At the time of writing, the price of BTC is now sitting around $58,900 after having gained a measly 0.5% on the day.

Saylor's Calculations Show Bitcoin Price 'Going Up Forever'

Michael Saylor, the co-founder and former CEO of MicroStrategy Incorporated (NASDAQ: MSTR), is remaining extremely bullish on Bitcoin (BTC) despite its recent price doldrums.

Saylor's bullishness comes as moneyed Bitcoin investors continue snapping up billions of dollars worth of BTC.

Four years ago, under Saylor's leadership, MicroStrategy acquired its first Bitcoin hoard on August 10, 2020, becoming the first public-listed company to embrace BTC as its primary treasury reserve asset.

Saylor, an unabashed Bitcoin bull, predicted at the Bitcoin 2024 Nashville conference that Bitcoin could be worth as much as $49 million and account for 22% of global wealth in 2045.

Bitcoin Whales Scooped Up $5.7B In BTC In Six Weeks

In related news, blockchain analytics firm Santiment observed that Bitcoin whales have continued accumulating after buying approximately $5.76 billion in BTC amid a price lull.

“Bitcoin's whales, specifically wallets that hold between 100-1,000 BTC, have accumulated 94,700 more coins in the last six weeks. As price uncertainty has shaken many traders out of crypto, key stakeholders are loading up,” wrote Santiment on Twitter.

Fellow blockchain analytics company Glassnode echoed Santiment's view that investors are stacking up Bitcoin as the crypto market nurses losses.

According to Glassnode, an on-chain Bitcoin indicator that tracks investors' balance and accumulation trends is currently green.

“The Accumulation Trend Score (ATS) indicates a market shift back to accumulation, with the ATS reaching its maximum value of 1.0, signaling significant accumulation over the past month,” wrote Glassnode in its latest Web3 report.

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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