Bitcoin has regained some ground. Strategist Michael Saylor ‘won’t back down’

Bitcoin is not back, but it is bouncing a bit.

The leading cryptocurrency recently traded at around $88,000, recovering from recent lows near $82,000 but just below its 24-hour highs near $90,000. This rebound is welcomed by the coin’s supporters, although it still represents a sharp decline from October’s record highs of over $124,000.

The price of Bitcoin has recovered as investors have been broadly willing to take more risks in recent sessions. Stocks rose on Monday as some rising stocks tied to artificial intelligence trading rose after a downbeat week following Nvidia’s earnings. The rally extended into Tuesday, with major indexes rising amid growing investor optimism, as measured by futures markets, that the Federal Reserve will cut interest rates at its December meeting.

The latest buoyancy measure has re-energized some Bitcoin supporters. “I won’t back down,” Chief Strategy Officer (MSTR) Michael Saylor wrote Sunday on X, where he recently shared photos of himself in a variety of heroic and dramatic settings. (Photography shown today shows him as a fighter pilot, with the caption “Turn and turn.”)

However, Deutsche Bank analysts on Monday acknowledged the impact of concerns about hawkish Fed policy and risk-off sentiment on Bitcoin’s price — but also questioned whether other factors, including profit-taking, outflows from institutional investors, and concerns about stalled regulatory progress, were acting as headwinds.

“Although volatility remains inherent, these conditions suggest that Bitcoin wallet integrity is being tested, and raise questions about whether this is a temporary correction or a longer-term adjustment,” they wrote.

Meanwhile, CoinMarketCap’s “Crypto Fear & Greed” indicator remains decidedly pessimistic.

Recently, some bullish signs have emerged. Some leading Bitcoin ETFs are seeing a rebound in inflows after recording declines earlier in the month, according to data from Farside Investors. At Polymarket, there is some optimism that Bitcoin’s price could return to six-figure levels this year, although there is not much support for the idea that it could reach records again in 2025.

Bitcoin has fallen more than 20% nearly 20 times since 2012, Calamos Investments CEO John Koudonis said Monday on CNBC. “It is volatile. It will continue to be volatile,” he said. “Having said that, it is here to stay.”