Michael Saylor praises bitcoin once again - Kakiforex.com - Financial Market Media No. 1 in the World Michael Saylor praises bitcoin once again Michael Saylor praises bitcoin once again
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August 4, 2021

Michael Saylor praises bitcoin once again

 Bitcoin has worked out the level of $40,700 with a margin, which is clearly visible in the illustration below. However, it is also not clear from the illustration that the price has fixed below the ascending trend line and is now entering the Ichimoku cloud, intending to work out at least its lower limit. Thus, a decline in quotes to the level of $37,000 is highly likely. Furthermore, in the case of a rebound, a new round of upward movement back to the level of $42,300 or so may follow, but in any case, we expect a new drop in quotes to the level of $29,700 after this round or without this round. Overcoming the trend line on the 4-hour chart partially confirms such expectations. Meanwhile, at the final conference for the first half of 2021, the People's Bank of China said that it will continue to put pressure on the cryptocurrency segment. The Central Bank of China considers it necessary to strengthen the regulation of internet finance platforms, as well as to monitor illegal transactions with cryptocurrencies. In addition, the bank said that it will adhere to the target of improving the environmental friendliness of financial services, reducing carbon emissions into the atmosphere. It can be recalled that China sees a serious threat to its financial system in cryptocurrencies, so it has already banned mining and any operations with cryptocurrencies for financial companies on its territory. It is possible that bitcoin reacted to this news or to the news about the tightening of regulation of the cryptocurrency market in the United States by falling by $2.5 thousand on Monday.


But at the same time, the head of MicroStrategy, Michael Saylor, continues to praise bitcoin. It is noteworthy that Saylor almost never mentions other cryptocurrencies and digital assets. All his comments and statements relate only to "digital gold", which, in fact, is owned by MicroStrategy, whose main activity was the development of analytical software. This time, the CEO of MicroStrategy said that in the future, everyone will have bitcoin, from individuals to technology giants and even governments. Saylor also said that bitcoin is the diversification of all risks, and it will be owned by Apple, Amazon, and Facebook in the near future. Also, cities and states will own bitcoin. In general, everyone will need bitcoin for some reason one day and everyone will own it. This is the idea that Michael Saylor wanted to convey to the market. From our point of view, this is another comment to convince everyone to buy bitcoin faster, while there is still such an opportunity.


Technically, on the 4-hour timeframe, bitcoin quotes began to fall and they can now drop to $37,000. The ascending trend line has been overcome, and there were not so many fundamental reasons for such a strong strengthening of bitcoin. Thus, we believe that bitcoin has exceeded the plan and is now ready to return to those levels that are more fair.