Bitcoin (BTC) has seen a sharp decline of over 10% following a curious post from former MicroStrategy CEO Michael Saylor one of its loyal supporters. In this post, Saylor shared this post with an encouragement to buy Bitcoin and supposedly push its price surge. But what’s driving this sudden dip, and how has it affected the market?
September: A Tough Month for Bitcoin Price
Historically, September has proven to be a challenging month for Bitcoin price. This year has been no different, with the cryptocurrency already down 8% so far. Back in 2019, Bitcoin saw an even steeper decline of nearly 14% during the same month.
With the latest drop, investors are feeling the pressure, especially considering the typical market behavior during this period.
The Reverse Effect: Did Michael Saylor’s Post Push BTC Price Crash?
The recent tumble in Bitcoin's value, which saw the cryptocurrency plummet to $53,661, has left investors questioning the market’s stability. Prior to this drop, Bitcoin had briefly touched the $57,000 mark earlier in the day, boosted by a US jobs report that calmed recession fears. However, the gains were short-lived, with Bitcoin quickly following the downward trend of the US stock market.
In this post, Saylor shared an image of himself surfing on a Bitcoin-themed board while dressed in a business suit.
Saylor, whose company holds a staggering $12.1 billion in Bitcoin, has yet to address the price collapse publicly, leaving many wondering about his next move.
The Warning to Saylor On His Post
On Thursday, gold advocate Peter Schiff took the opportunity to mock Michael Saylor’s unusual AI-generated image. Schiff commented that the "Bitcoin wave had already broken," implying that the cryptocurrency had reached its peak. He urged Saylor to ride the "Bitcoin wave," which he saw swelling, hinting at the volatility ahead.
Schiff also criticized Bitcoin ETF investors, stating that they had chosen the wrong asset to back. He pointed out that Bitcoin ETFs had only gained 17% despite heavy inflows, while gold ETFs saw a more substantial 24% rise.
While Michael Saylor’s post may have drawn attention, Bitcoin price current struggles appear to be tied to broader market trends, including stock performance and the historically tough September for the cryptocurrency. Whether Bitcoin can recover from this setback remains to be seen.
