Bitcoin News Today: Bitcoin Surges 1.30% on Saylor's Bullish Backing and Tightening Supply

Bitcoin’s price has climbed to $120,185, reflecting a 1.30% gain over 24 hours with a trading volume of $81.65 billion. The cryptocurrency now commands a $2.39 trillion market capitalization, with approximately 20 million coins in circulation [1]. This upward momentum has been bolstered by comments from MicroStrategy co-founder Michael Saylor, who has positioned Bitcoin as a core component of his investment strategy [1]. Saylor’s firm holds 628,791 BTC, valued at $74.21 billion, and has consistently accumulated coins, especially during market corrections. With an average cost basis of $73,290 per coin, Saylor’s portfolio has generated a 61.04% lifetime return [1].

Saylor recently emphasized that continuous Bitcoin buying is the most reliable path to wealth, a sentiment interpreted by market observers as a signal for further institutional accumulation [1]. His comments come amid a tightening Bitcoin supply, driven by halving events and rising institutional demand, which could intensify market scarcity and potentially fuel further price appreciation [1].

Technically, Bitcoin is breaking out of a bullish flag pattern, a classic continuation pattern in technical analysis. The price has surpassed the $118,500 resistance level with strong buying momentum, while the 50-day EMA at $114,140 continues to act as support [1]. Key momentum indicators, including the RSI at 62.64 and a bullish MACD crossover, suggest ongoing strength. Traders are now eyeing potential targets at $123,250 and $127,000, with a daily close above $120,000 confirming the bullish outlook [1]. A retreat below $117,300 could invalidate the breakout and shift focus to the $114,000 support level.

While some analysts are drawing parallels between Saylor’s accumulation strategy and the potential for Bitcoin to reach the $1 million mark, such projections remain speculative. The aggressive buying from major institutional holders like MicroStrategy may contribute to a tighter supply environment, historically associated with price surges. However, these forecasts are based on extrapolations from current trends and should not be taken as definitive market outcomes.

Saylor’s recent accumulation efforts, combined with strong technical signals, have reinforced a bullish bias among investors. If buying pressure remains strong and liquidity continues to dwindle, the stage may be set for Bitcoin to test even higher levels in the months ahead [1].

Source: [1] Bitcoin Price Prediction: Billionaire Michael Saylor Hints at Huge Buy – $1 Million BTC Next Target (https://cryptonews.com/news/bitcoin-price-prediction-billionaire-michael-saylor-hints-at-huge-buy-1-million-btc-next-target/)