Michael Saylor Bullish On Bitcoin Dominance Gives Reasons

MicroStrategy CEO Michael Saylor believes that Bitcoin will grow its market dominance to double its current level.

Saylor believes that growing regulatory clarity in the United States will streamline the general crypto market to a Bitcoin-dominated industry. Bitcoin retains the number one spot in the crypto market since launching with assertive dominance over other coins and tokens.

Most altcoins correlate to Bitcoin’s trends and closely mirror its price action. Bitcoin is not under the U.S. Security and Exchange Commission’s (SEC’s) scrutiny and hasn’t been called a security.

Notably, the introduction of Bitcoin ordinals once again highlights the relevance of the market leader to the entire crypto market due to its early success. 

Michael Saylor Predicts More Dominance For BTC

In a Bloomberg interview, Michael Saylor shared his thoughts on Bitcoin. He believes Bitcoin will launch into an extended period of market dominance to double its current level.

Also, Saylor predicts a shift from stablecoins, crypto derivatives, and other tokens. According to the CEO, Bitcoin is the only universally acknowledged digital commodity regulators accept.

His assertions come from the belief that as regulatory pressure increases on cryptocurrencies, some assets will fade away, creating a favorable market for Bitcoin and eliminating competition and unnecessary confusion. 

Bitcoin’s crypto market share will almost double, MicroStrategy’s Michael Saylor says https://t.co/EQ3J6iWiWw

— Bloomberg Crypto (@crypto) June 13, 2023

He insists that although there will be potential restrictions with a strict regulatory environment, a tenfold increase in the value of Bitcoin will ensure profit.

Notably, Saylor believes that the rise in Bitcoin’s dominance will boost the business models of several crypto exchanges. Additionally, Saylor predicts an inflow of institutional investors into Bitcoin due to its regulatory clarity and market value. 

Bitcoin Dominance And Price Outlook Today

At the time of writing, Bitcoin’s dominance is currently at 47.59%, the highest in the crypto market. Notably, its trading volume is up by 8%, and its price currently trades at $25,913.

BTC is trading in a sideways trend on the daily chart without significant price movement. It is below its 50-day Simple Moving Average (SMA), a short-term bearish signal for the asset. 

However, BTC has found critical support at the 61.8% Fibonacci level ($25,843), which has sustained its price since June 10. Notably, Bitcoin’s Relative Strength Index (RSI) is 41.78 in the neutral zone and still above the oversold region of 30.

Source: Tradingview.com

However, the RSI indicator moves sideways, reflecting the current trend for the asset today. BTC still trades above its 200-day SMA despite the current price fluctuation hinting at a long-term bullish sentiment for the asset. 

Despite the current price level, BTC retains most of its gains in 2023. It may likely record further price increases once the regulatory pressure and lawsuits on crypto exchanges end.