Michael Saylor has declared that the bear market for Bitcoin has come to an end, forecasting that the cryptocurrency will surpass $100,000 shortly before MSCI’s decision on whether his firm remains eligible for major stock indices.
The co-founder and executive chairman of Strategy shared his views on Bloomberg Television during DC Fintech Week, indicating that supportive regulations and increased bank adoption are signaling the start of a new bullish trend for Bitcoin.
“It should certainly ascend back to six figures, exceeding $100,000,” Saylor remarked. “We hit the bottom at just under $60,000, and I believe we’ve started our ascent. We’re now trending towards the 80s.”
Saylor predicts a new Bitcoin bull market
Saylor’s predictions align with a wider resurgence within the cryptocurrency market. Bitcoin rose to nearly $87,000 on October 5, achieving its highest point in recent months, fueled by softer U.S. employment figures that briefly raised hopes for a more accommodating monetary policy.
However, some of those gains were receded due to pressures from rising oil prices, bond yields, and outbound ETF outflows.
His predictions also resonate with Wall Street’s forecasts. Citi has set a 12-month price target for Bitcoin around $113,000, whereas TD Cowen anticipates it will reach approximately $109,000 by the end of the year.
Strategy continues to hold the title of the largest corporate owner of Bitcoin. The firm recently acquired an additional 250 BTC for $21.5 million between October 5 and October 11 at an average price of $86,194, increasing its total holdings to 848,250 BTC.
Concerns over MSCI’s decision loom over Strategy
Saylor’s optimistic outlook occurs amid scrutiny from MSCI, the index provider.
MSCI Inc. is a worldwide financial data and analytics entity recognized for its indices, investment research, and risk management solutions utilized by investors and financial organizations.
On August 3, MSCI suggested new guidelines intended to exclude certain “non-operating companies” from its Global Investable Market Indexes.
Companies would first undergo an operating-assets evaluation, succeeded by five financial assessments if they do not pass the initial screening.
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Public feedback was accepted until September 30, with outcomes expected by October 16 or earlier. Proposed changes are set for review in November’s index update.
A negative ruling won’t necessarily result in an immediate exclusion of Strategy.
Existing constituents are afforded buffers and generally need to fall short of the new criteria for two consecutive review periods before facing exclusion.
The stakes are substantial. JPMorgan has projected in 2025 that an exclusion by MSCI could trigger around $2.8 billion in outflows from Strategy, potentially increasing to approximately $8.8 billion if other index providers follow suit.