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Michael Saylor Breaks Silence on BTC Price, Here's What SHIB Price Needs to Finally Erase Zero, Adam Back Says BTC Might Reach $700,000 If This Happens: Crypto News Digest by U.Today

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Fri, 16/02/2024 - 16:17
Michael Saylor Breaks Silence on BTC Price, Here's What SHIB Price Needs to Finally Erase Zero, Adam Back Says BTC Might Reach $700,000 If This Happens: Crypto News Digest by U.Today
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U.Today presents the top three crypto news stories over the past day.

Bitcoin bull Michael Saylor breaks silence on BTC price

In a recent X post, Michael Saylor, cofounder of MicroStrategy, has shared insight into Bitcoin's future price trajectory, stirring curiosity among the members of the crypto community. His post reads, "the price of BTC is still less than $0.06 million," setting a clear target for Bitcoin's value. Saylor's statement suggests two different perspectives on Bitcoin's trajectory. First, it offers a short-term objective of $60,000 for Bitcoin, the price level that is close to the cryptocurrency's previous high of $69,000. Second, it hints at a more ambitious long-term goal: a price target of about $1 million per Bitcoin. Regardless of whether Bitcoin reaches $60,000 or aims for higher valuations close to $1 million, Saylor's viewpoint can be helpful to individuals who are trying to seek clarity in their cryptocurrency investing strategy.

Shiba Inu to $0.00001: Here's what SHIB price needs to finally erase zero

The last two partial weeks have been positive for Shiba Inu, as the value of the meme coin managed to climb from $0.0000088 to $0.0000098, rising by over 10%. However, it still falls short of the price mark that SHIB enthusiasts desire. According to data provided by IntoTheBlock,16.12 trillion Shiba Inu tokens are what stands between SHIB and the much-discussed $0.00001 threshold. This figure represents the volume of SHIB held across 27,850 wallets, all of which were purchased at the desired price point but are now experiencing losses. As a result, there is a huge sell wall hanging over the market as holders of these trillions of tokens wait for a chance to offload their holdings. For bullish investors, the challenge lies in having the necessary purchasing power to absorb this considerable volume. One significant obstacle that needs to be overcome in order to move SHIB closer to the desired milestone is the upcoming sell-off from holders eager to mitigate losses.

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Bitcoin (BTC) might reach $700,000 if this happens, according to Adam Back

Blocksteam CEO Adam Back has recently taken to X platform to share his take on the Bitcoin price. According to him, the world's largest crypto might be able to surpass the $700,000 level if it manages to capture the market capitalization of gold, which is currently valued at approximately $13.5 trillion. Back's comment followed recent observations, according to which Bitcoin is not only drawing significant investment flows but is also causing a decline in gold investments. If Bitcoin continues to draw funds away from gold, causing both assets to meet in the middle in terms of value, this could significantly increase Bitcoin's price. This comes amid growing interest in Bitcoin ETFs, which have been rapidly surpassing their gold counterparts in terms of investment flows. Per recent data, the net cumulative flows for the top 10 Bitcoin ETFs, including notable ones like GBTC, have doubled in the past three days, reaching over $3 billion.

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