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Investing.com – The has rallied back over $1,000 since bottoming out around $18,200 on Wednesday night ahead of the Fed meeting, thanks to a rebound day yesterday. However, this rebound, which is already showing signs of running out of steam, has in no way changed Bitcoin’s currently negative chart backdrop.
Recall that Bitcoin had reacted negatively to the Fed meeting on Wednesday evening, reaching a low of more than 3 months. However, this decision by the Fed having been widely anticipated, the impact was ultimately limited and short-lived, as yesterday was enough to erase the post-Fed losses.
Even so, this has resulted in a new yearly low that further worsens Bitcoin’s technical profile. The cryptocurrency is indeed facing resistance at $19,500/$600 which had already blocked Bitcoin’s previous rebound on Monday.
The decline therefore remains the most likely scenario for Bitcoin in the short term, yesterday’s low at $18,200, as well as the psychological threshold of $18,000 being in this context to be considered as the first serious supports near current prices.
Michael Saylor sees Bitcoin at $500,000 within the next decade
Beyond this bleak short-term backdrop for bitcoin, some of its high-profile proponents continue to predict a real explosion in bitcoin’s price over the longer term.
This is particularly the case of Michael Saylor, president of MicroStrategy, who predicted in an interview with Marketwatch that the price of bitcoin will reach its all-time high of November 2021, close to $70,000, “within the next four years”.
During his last interview, he went further, predicting that the cryptocurrency could trade at $500,000 over the next decade if it equals the market capitalization of:
“The logical next step for bitcoin is to replace gold as a non-sovereign store of value asset,” he said.
Recall that last year, Saylor highlighted the merits of BTC and claimed that it was “50 times better” than the precious metal. This summer, he reiterated his opinion, believing that BTC is “obviously better than gold and everything gold wants to be.”