A tweet from Michael Saylor calling Bitcoin “20% off” has gone viral. MicroStrategy co-founder and chairman Michael Saylor has spoken out about Bitcoin. The latest missive comes during the most turbulent period for the cryptocurrency’s price.
At present, BTC price is trading around $60,550 and has not yet managed to close above $61,000. This may be the reason why investors are feeling mixed feelings.
Saylor’s Message and its Interpretation
In one post, Saylor tweeted a rather interesting photo of an old sign with the words “For Sale, 1 BTC” and captioned it: “Bitcoin: 20% off. Sale ends soon.”
Bitcoin: 20% off. Sale ends soon. 🚀 pic.twitter.com/aFc3wkYWVW
— Michael Saylor⚡️ (@saylor) August 19, 2024
Although the message is both playful and far-reaching, it is open to different interpretations. While most readers took it as a simple buy signal, others wondered if it was real financial advice.
Regardless, Saylor’s intention seems pretty clear: he believes the current decline represents a great opportunity for investors to accumulate bitcoin ahead of its potential rebound.
Buy the downside sentiment
Saylor’s extremely bullish stance and consistent past buying have instilled a strong “buy the dip” sentiment in the minds of many investors.
In fact, given that Saylor and MicroStrategy have accumulated huge Bitcoin reserves over the years, during market fluctuations this has been very relevant.
BTCUSD trading at $60,580 on the daily chart: TradingView.com
His apparent bullish stance on Bitcoin has often resonated with long-term holders, who view the asset as fundamentally critical to their growth in the near future.
Saylor is likely to further bolster sentiment among Bitcoin enthusiasts and long-term holders. His “sell” statement could encourage more bidders to enter the market, especially those who have been nervous so far and fearful of the recent highs.
As he had said earlier, the best time to buy Bitcoin is when prices are low – and now, his latest clarifications reinforce that strategy.
However, the broader market remains cautious. Even though Saylor presents a very optimistic outlook, Bitcoin’s latest performance has raised questions in the minds of some investors.
The broader implications for Bitcoin investors
The cryptocurrency has struggled to break through some fairly significant resistance levels, and the current trading environment is one of indecision. While most traders are considering their options, the response to Saylor’s call to action has been lukewarm.
With prices at still-volatile levels, Saylor’s message may be a rallying cry for some, yes; but it shows that the cost of Bitcoin is potentially as risky an investment as any other.
Prices in the cryptocurrency market are known to fluctuate up and down during trading, and while Saylor’s outlook may encourage accumulation, investors should be aware of this potential for further declines.
Featured image from Crypto Blog-Busha, chart from TradingView
