It probably has not gone unnoticed to you the heavy impact global financial uncertainties are having on the Bitcoin market. With fears of a possible recession in the United States, we’ve seen significant turbulence across various financial sectors, and the price of Bitcoin
Earlier on Monday, the Japanese stock markets experienced a massive crash, losing more than 13 percent of their value. Unsurprisingly, this upheaval didn’t leave the Bitcoin market untouched.
Bitcoin took quite a big hit, with its price even dropping below $50,000 at one point. At its lowest on Monday, Bitcoin recorded a loss of more than 17 percent, hitting levels we haven’t seen since February.
Michael Saylor Responds
Amid this chaos, Michael Saylor, chairman and co-founder of MicroStrategy, took to X to share a message of optimism: “Believe in Bitcoin,” he said. His words come at a crucial time when many of us are feeling the pressure of market fluctuations and uncertainty.
Believe in #Bitcoin pic.twitter.com/QSEH1s93sg
— Michael Saylor⚡️ (@saylor) August 4, 2024
The message that Saylor sent is a reminder to keep our faith in Bitcoin despite the short-term dips and volatility. Saylor recently shared his 21 rules of Bitcoin, that include rules such as “Bitcoin is powered by chaos”, “Bitcoin won’t protect you if you don’t wear the armor”, and “Everyone gets Bitcoin at the price they deserve it”. These seem pretty applicable to the current situation, don’t you think?
A Glimmer of Hope
There is some good news on the horizon. As we write this, Bitcoin is showing signs of recovery, sitting around $54,500, This bounce back seems to be driven by a better-than-expected opening of the U.S. stock market. In addition, the large Bitcoin ETFs have not been selling Bitcoin and even recorded net inflows at the time of writing.
What’s Next for Bitcoin?
In the immediate future, it’s essential for Bitcoin to maintain a price above the $48,000 mark. This level has been a critical support point for years. If Bitcoin can’t hold this line, we might see it drop towards $40,000. Ideally, though, we hope to see Bitcoin establish strong support above $52,000, from which it can continue recovering upwards.
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