Web 3.0 crypto coins price cools off, but ‘You can never have too much Bitcoin,’ says Saylor.
BTC price cools off, but ‘You can never have too much Bitcoin,’ says Saylor

This week, Bitcoin (BTC) price nearly touched the $36,000 mark, before quickly dropping back to $34,250. After a steep 30% climb over the past month, it is normal for the value to decrease as traders book profits and market participants assess whether the drivers for the surge are still valid.

In spite of the intraday volatility, which saw a 4.67% decrease, many analysts are still bullish on Bitcoin, and some anticipate a further “gamma squeeze” if BTC reaches the $36,300 level.

Permabulls such as MicroStrategy CEO Michael Saylor appear unfazed by the abrupt price movements, and on Nov.1 MicroStrategy declared the October purchase of 155 BTC for $5.3 million.

When asked by CNBC Squawk on the Street host Sara Eisen about the upcoming Bitcoin halving, Saylor commented:

Regarding the impact of the halving on supply and demand, Saylor said:

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Now is a “pretty ideal entry point” for Bitcoin

Despite the 114% gain of Bitcoin price, which was mainly driven by the last month’s 30% increase, its current value is still nearly 50% lower than its all-time high. This, along with the memories of the FTX implosion and other crypto scandals, makes people wary of investing in BTC.

When asked about the current investing climate and the potential effects of “bad and dark applications” of cryptocurrency, as well as people like Sam Bankman-Fried, Michael Saylor suggested that “If you’ve got a 12-month to 48-month time horizon, this is a pretty ideal entry point into the asset.”

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