Michael Saylor assessed the crypto market's prospects

Strategy founder and executive chairman Michael Saylor said selling pressure has eased and cryptocurrencies are poised for growth as speculative players exit the market.

The head of the largest public Bitcoin holder believes that the first cryptocurrency has formed a strong support level, and many long-standing holders have already sold the first cryptocurrency at an average price of $100,000.

“The market has cleared itself of excess leverage, and Bitcoin should soon start rising again. Bitcoin has had six sharp declines in five years, but the average growth is 50% per year. Gold and the S&P are far behind with ~14%,” Saylor wrote in his H.

The businessman hopes that volatility won't prevent the first cryptocurrency from rising, and that Strategy's risks from a decline in the asset's value are minimal.

The market situation in the near future will be determined by macroeconomic factors and liquidity. Demand for cryptocurrencies, despite the recent decline, will recover in the medium term, the entrepreneur predicted.

Michael Saylor previously stated that by 2035, Bitcoin could overtake gold in market capitalization and become more valuable than the leading precious metal.

Source: cryptonews.net