Michael Saylor Says Bitcoin's Next Bull Run Has Begun, Sees It Back In 'Six Figures' Within A Year

Saylor expects Bitcoin to top $100,000 within a year, but added that, "I can't be sure it happens by the end of the year."

• Michael Saylor said Bitcoin is at "the beginning of the next bull run" after it bounced off the 200-week moving average.
• Saylor called the CLARITY Act "a bill of restrictions," and said regulators issued guidance that "provided rights to the industry" after it stalled.
• Clear Street raised its Strategy price target to $211 from $201 ahead of the Oct. 29 earnings, still below the $239.27 Street average on Koyfin.

Strategy (MSTR) executive chairman Michael Saylor said Bitcoin (BTC) was at "the beginning of the next bull run," adding that he expects the cryptocurrency to break above $100,000 "sometime in the next 12 months."

Saylor said on the Market Overtime show on the Charles Schwab Network that Bitcoin "bounced off the 200-week moving average," a level he described as the usual floor for a bear market. It has since rallied about $20,000 from there, he said. 

He stopped short of naming a year-end target. "I can't be sure it happens by the end of the year, but I feel like we're definitely moving back into the six figures at this point," Saylor said. Asked how long a bull market lasts, he answered, "Four years."

MSTR stock was up over 5% during midday trade on Tuesday. On Stocktwits, the retail sentiment around MSTR remained in the ‘bearish’ zone, while chatter levels around it stayed at ‘normal’ levels over the past day.

Tailwinds Building

Saylor said Bitcoin had been held back by restrictive foreign, monetary, and trade policy, as well as an AI boom that drew capital away from crypto. He said those pressures are now being priced in.

In their place, he pointed to digital credit, banks lending against Bitcoin, and supportive guidance from the Treasury, the Commodity Futures Trading Commission (CFTC), and the U.S. Securities and Exchange Commission (SEC).

Monetary policy remained the biggest swing factor, he said. "The final boss that generally drives all assets is monetary policy," Saylor said, adding that "Bitcoin tends to react like risk squared right now."

'A Bill Of Restrictions'

Saylor also explained why he saw the stalled Digital Asset Clarity Act (CLARITY Act) as good news for the industry. 

He called the legislation "a bill of restrictions," when what the industry needed was "a bill of rights." After the bill stalled, Saylor said regulators issued "a whole set of guidance rules that provided rights to the industry." Those included rules on tokenization, digital derivatives, prediction markets and digital currency.

Clear Street Raises Strategy Price Target Ahead Of Earnings

Strategy also drew a vote of confidence from Wall Street ahead of its third-quarter (Q3) results scheduled for October 29. Clear Street raised its price target on the stock to $211 from $201 and kept a ‘Buy’ rating, according to TheFly. 

The firm said Strategy strengthened its funding position in the quarter. It sold common stock to buy back preferred shares and build its dollar reserves. With its preferred stock now trading close to par, Clear Street said Strategy was better placed to resume preferred sales and grow its Bitcoin per share again.

Clear Street's new target still sits below the Street average of $239.27, according to Koyfin data. Of the 16 analysts covering the stock, 15 rate it a ‘Buy’ or ‘Strong Buy’. 

Strategy is known for being a digital asset treasury (DAT) with around 848,517 BTC in its holdings. Bitcoin was one of the top-trending tickers on Stocktwits at the time of writing. Bitcoin’s price was trading at around $82,400, up over 0.6% over the past 24 hours. That price values Strategy’s Bitcoin holdings at around $69.92 billion.

On Stocktwits, the retail sentiment around BTC moved to the ‘bearish’ zone from the ‘extremely bearish’ zone, while chatter around it stayed at ‘low’ levels over the past day. 

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