Michael Saylor, the co-founder and chairman of MicroStrategy, has spoken out about Bitcoin’s potential despite the current lackluster market conditions. In a tweet, Saylor stated, “Bitcoin expands your universe.”
This statement comes amid a period of low trading activity for Bitcoin on the weekends. According to data from Kaiko, only 16% of Bitcoin trades have taken place on weekends this year, a significant decrease compared to previous years. This decline may be indicative of boredom or disinterest among traders due to market uncertainty and falling prices.
Despite the current market conditions, Saylor’s optimistic view for Bitcoin suggests that interest and trading activity will eventually pick up again. His message serves as a rallying cry for Bitcoin enthusiasts, reminding them of the cryptocurrency’s potential.
Earlier this year, Bitcoin made headlines when the first U.S. spot ETFs were launched for the digital asset. BlackRock and Fidelity’s ETFs attracted significant investments, propelling Bitcoin’s price to a record high of $73,798 in March. However, demand and pricing have since cooled down.
Currently, the Bitcoin price remains range-bound, with bulls working to keep it above $60,000 after a recent dip. On-chain data suggests that dip buying has been occurring, with over 20,200 BTC worth $1.23 billion being sent to accumulation addresses in a single day.
However, the lack of a breakout to a new all-time high and the prolonged range-bound action have dampened bullish sentiments among traders on social media platforms. This decline in enthusiasm could signal a market bottom, according to Santiment, an on-chain data provider.
At the time of writing, Bitcoin was up 0.81% in the last 24 hours, trading at $61,387.