Famous Bitcoin Analyst Makes New Prediction for BTC Price: “Michael Saylor’s Latest Move Points to BTC Price Target of…”

According to Bitcoin analyst James Check, we could be on the verge of a major rally in the cryptocurrency market. Check said that the 15% increase in new equity instruments launched after MicroStrategy rebranded to “Strategy” was a “critical signal” that Bitcoin would rally to $120,000. Strategy, led by Michael Saylor, has attracted attention in recent years by aggressively accumulating Bitcoin. The company currently holds about 597,000 BTC, equivalent to $63 billion in assets. While the bulk of those purchases were funded through convertible notes, three new preferred stock products Saylor announced this year have attracted significant interest from investors. According to James Check’s assessment in his Checkonchain newsletter, the rise of such financial instruments usually precedes major price movements. “This behavior is often seen before price explosions. I think it could take Bitcoin to $120,000 very quickly,” Check said. Related News: Following the Major Tax Law in the US, a Major Cryptocurrency Tax Bill Has Now Been Proposed This assessment comes in a week where optimistic predictions that Bitcoin could rise to $136,000 in July are on the agenda. The increasing optimism of market analysts is influenced by the decreasing geopolitical tensions in the Middle East, the US preparing for a new wave of liquidity and President Donald Trump continuing his crypto-friendly stance. According to Check, on-chain data also supports the bullish view. While implied volatility in options markets has fallen to record lows, short positions in futures are increasing, reinforcing the possibility of a potential short squeeze. In addition, monthly stablecoin inflows are between $4 billion and $6 billion. All these developments point to large players quietly accumulating. But not all investors agree. Notorious short seller Jim Chanos argues that the premium between Strategy’s stock price and the market value of its Bitcoin holdings is unreasonable. Chanos called Saylor’s financial engineering “absolute nonsense” and described Strategy investors as “crazy.” *This is not investment advice. Continue Reading: Famous Bitcoin Analyst Makes New Prediction for BTC Price: “Michael Saylor’s Latest Move Points to BTC Price Target of…”