Bitcoin to Mars? Michael Saylor Fuels Bullish Hype for BTC

Michael Saylor, the CEO and Chairman of MicroStrategy (MSTR), made a cryptic post on X (formerly Twitter) that is making waves in the cryptocurrency industry. In his recent post, he stated, “We are going to Mars.”

Michael Saylor’s Cryptic Post on X

This post on X has reached more than half a million of his fans, who see it as a sign of bullishness for Bitcoin (BTC). However, the post comes ahead of pro-crypto Senator Cynthia Lummis becoming the Chair of the Senate Banking Subcommittee on Digital Assets, which partially confirms the Bitcoin reserve.

Political Developments and Bitcoin Adoption

However, later, he published another post, sharing a video of pro-crypto Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President in which Trump stated that the United States will be the world capital of crypto.

Looking at these latest updates and the powerful words from industry giants, it appears that BTC could soon skyrocket. However, it currently seems to be struggling.

Saylor is not the only one who seems bullish on Bitcoin. Earlier, on January 22, 2024, Larry Fink, the CEO of the asset management giant BlackRock, stated in an interview that BTC could reach $500k, $600k, or even $700k in the future. Apart from these individuals from major firms, countries across the globe currently seem to be showing interest in Bitcoin reserves.

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$419 Million of Bitcoin (BTC) outflow

This bullish outlook has started attracting investors and long-term holders, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow revealed that exchanges have witnessed a significant outflow of $419.50 million worth of BTC in the past 48 hours.

Such a significant outflow from exchanges indicates potential accumulation, which could create buying pressure and drive further upside momentum.

Bitcoin is currently trading near $105,260 and has experienced an upward momentum of over 1.5% in the past 24 hours. During the same period, its trading volume surged by 50%, indicating strong and heightened participation from investors and traders.