Bitcoin is planning to reach $100,000 by the end of the year and will not retreat to $60,000

MicroStrategy founder and Bitcoin bull Michael Saylor ruled out a Bitcoin retracement to $60,000.

Saylor told CNBC: "I don't think Bitcoin will pull back to $60,000, let alone $30,000. It will rise from its current price."

It would be "surprising" if it doesn't break $100,000

Recently, Saylor said: "I'm planning a party for when Bitcoin reaches $100,000." "I think it might be on the eve of my family's New Year's party, so I'd be surprised if Bitcoin doesn't exceed $100,000 in November or December."

In line with Saylor’s opinion, Material Indicators co-founder Keith Alan said that Bitcoin has the potential to reach $100,000 before November 28 or US Thanksgiving.

Nonetheless, CryptoQuant CEO Ki Young Ju warned on Nov. 9 that Bitcoin could end the year below $59,000, citing an overheated futures market as one of the main reasons for his prediction of a year-end crash.

Some traders said that while volatility is likely to continue, they believe Bitcoin will continue to rise.

“High volatility is expected to lead to more liquidations, but overall the price trend is upwards to new highs,” Ash Crypto, an anonymous crypto trader, said in a Nov. 14 post.

Financial analyst Rajat Soni similarly said on Nov. 14 that he “doesn’t care about the price” when buying Bitcoin because “every purchase increases your purchasing power.”

Saylor also weighed in on speculation that U.S. SEC Chairman Gary Gensler will resign after Trump takes office, saying that whoever takes over the position will play the “most critical role” in the cryptocurrency industry.

"I think this is incredibly positive for digital assets, very good for the crypto industry, we're going to see more pro-Bitcoin policies, we're going to see a digital asset framework, we're going to see an end to the crypto litigation war."

Bitcoin Strategic Reserve Act is the 'greatest deal' of the century

Meanwhile, Saylor declared the U.S. Bitcoin Strategic Reserve Act “the greatest deal of the 21st century” at the Digital Assets and AI Infrastructure Conference on Nov. 13. Once passed, the bill would set a goal for the U.S. government to accumulate 1 million bitcoins within five years, or about 5% of the total bitcoin supply.

“If we don’t pass this bill, what we’re doing is leaving existing Bitcoin on our balance sheet, which is worth $3 trillion.” If the bill passes, “as currently drafted, it would generate $16 trillion in benefits for the United States over 21 years.”

“If they decided to double the maximum limit of Bitcoin, that would be a $30 trillion gain.”

However, Galaxy Digital founder Mike Novogratz said it is "very unlikely" that Trump's promise to build a strategic reserve of Bitcoin will be fulfilled during his term.

In addition, Michael Saylor also stated that the idea of ​​the United States purchasing strategic assets is not new, and pointed out the acquisition of Manhattan, the Louisiana Purchase, and the purchase of California and Alaska in the 19th century, all of which brought trillions of dollars in returns to the United States.

Saylor also pointed out that there have been several other strategic purchases in U.S. history, such as gold, oil, grains, and helium. Saylor said: "This has been done before, and it's a very simple idea: find out where the value will appear, buy it at a low price and hold it. Bitcoin is America's Manifest Destiny. I think the Trump administration understands this, and I think Senator Loomis understands it. This is why the U.S. strategy of building a Bitcoin reserve will come to fruition."