Bitcoin fell below $85,000, a 20% drop from its all-time high of $109,000 in January.
The decline has shaken up the crypto market, with major Altcoins like BNB, Solana and Dogecoin falling between 10% and 15%.
Despite the drop, Micro Strategy Chairman Michael Thaler remains inevitable. He has been a longtime vocal bitcoin advocate and has been joking about kidney sales.
In December, he dismissed MicroStrategy’s fears of Bitcoin-assisted leverage, saying that if Bitcoin falls to $1, the company would not be forced to sell.
“A lot of people don’t really think about it. They’re like, ‘Oh, my god, micro-strategy will be liquidated with Bitcoin.’ That, well, yeah, no, yeah,” Saylor said. “Bitcoin could be a bitcoin for $1, but there’s no liquidation. You just need to buy all the bitcoins.”
Saylor’s confidence has not been shaken, but other analysts have maintained a bullish outlook.
Crypto analyst Michael Van de Poppe said despite the latest dip, Bitcoin is still in the bull market. He even predicted that BTC could surge to $250,000 over this cycle. This is a significant increase of 195% from the current level.
“I don’t think the cycle is over. I don’t think even the Bitcoin hype was close to euphoria,” he said. “We expect Bitcoin to go from $200,000 to $250,000 this cycle.”
Van de Poppe believes Bitcoin can bounce back hard in March, but it will first need to regain its critical level.
“Bitcoin has reached the sweet spot for entry. If we can go from $88,000 to $89,000, we’ll provide a deep core this week and we’ll have a great month in March. Utility Coin will outperform.”