Bitcoin price has struggled for traction in H2 2024, amid an uncertain global macroeconomic landscape. At the time of writing on Sept 11, Bitcoin price is trading around $56,500 down more than 25% from the all time-high of $73,805 recorded on March 14, 2024.

Speaking on CNBC, in a recent interview on Sept 11, Saylor issued an ambitious prediction that Bitcoin’s price could skyrocket to $13 million per coin within the next 21 years.

To validate the bullish narrative, Saylor argued that Bitcoin currently accounts for only 0.1% of global capital but could eventually capture 7%, indicating massive potential for growth.

Why Michael Saylor’s Prediction Could Spark Bitcoin Rally

Along with the likes of Blackrock and Coinbase, MicroStrategy has emerged one of the most influential corporate players within the cryptocurrency sector, due to its vast Bitcoin holdings.

As of September 2024, MicroStrategy owns more than 226,500 BTC, a staggering 1% of Bitcoin’s total supply, currently valued at $12.84 billion.

Looking at the trends in the chart above, Microstrategy’s growing influence on Bitcoin market movements has been evident over the years. Historically, Bitcoin prices have often seen upward momentum following large MicroStrategy purchases or bullish statements from Michael Saylor.

The green dots on the chart represent MicroStrategy’s Bitcoin purchases, many of which were made during price dips, effectively allowing the company to lower its dollar-cost average.

For example, after MicroStrategy’s strategic purchases in March 2021, Bitcoin surged above $60,000, cementing the company’s reputation as a major market mover.

The chart clearly shows price increases after notable purchases in early 2021, and the trend reoccurred in April 2024, when Bitcoin’s price rallied after Saylor reiterated his long-term $13 million price prediction at the Bitcoin Nashville Conference.

Hence, while Bitcoin’s recent price struggles in H2 2024 has culminated in 24% decline from the yearly peak of $73,800 price Saylor’s latest bullish comments could potentially reinforce confidence among investors leaning neutral, and prospective new entrants.

Given MicroStrategy’s historical influence and Saylor’s ambitious prediction, the market could experience another short-term rally as investors react to his latest comment.

Saylor’s foresight and the company’s strong positioning in Bitcoin make it likely that market sentiment will shift positively, as it has in the past after MicroStrategy’s recent key moves.

The Intersection of Politics and Bitcoin

In addition to his price prediction, Saylor touched on how political stances toward Bitcoin are shifting ahead of the U.S. 2024 presidential elections.

He noted that the Republican Party has become more progressive on crypto-related policies, with frontrunner Donald Trump adopting a pro-Bitcoin stance. Meanwhile, Democratic candidate Kamala Harris has yet to outline a clear position on cryptocurrencies.

Saylor’s remarks underscore the growing significance of Bitcoin in political and financial discourse. With the prospect of more favorable regulatory environments and increasing institutional adoption, his bold prediction could serve as an indication of how much confidence high-profile investors like Saylor have in Bitcoin’s long-term potential.

Bitcoin Price Forecast: $60k Remains Major Short-Term Resistance

In terms of short-term price action, Bitcoin remains highly volatile. Between Sept 6 and Sept 10, BTC surged by 10.50%, reaching $57,785, but it has since retraced by 4%, stabilizing around $56,724 at the time of writing on Sept 11.

The Bollinger Bands suggest increased volatility, with Bitcoin trading between the lower band at $53,114 and the upper band near $62,455. Likewise, the CCI (Commodity Channel Index) currently stands at -54.11, indicating a potential oversold condition.

However, BTC remains stuck below the key resistance at $60,000, a psychological barrier that will be critical for a bullish breakout. Immediate support is located around $53,000, with the next major support level near $50,000.

Bitcoin will need to maintain strong buying momentum to retest the $60k resistance level and confirm a bullish reversal. If the price fails to hold above $53k, it risks further downside toward $50k.