A tweet from Michael Saylor, in which he called Bitcoin “20% off,” went viral. Saylor, co-founder and chairman of MicroStrategy, has been outspoken about Bitcoin, with the latest missive coming during the cryptocurrency’s most turbulent price performance.

Currently, BTC is changing hands at around $60,550 and has so far failed to close above $61,000. Perhaps this is the reason for mixed feelings among investors.

Saylor’s message and its interpretation

In one post, Saylor tweeted a rather interesting photo of an old signpost with the words “For sale, 1 BTC” and the caption “Bitcoin: 20% off. Sale ends soon.”

Bitcoin: 20% off. Sale ends soon. 🚀 pic.twitter.com/aFc3wkYWVW

– Michael Saylor⚡️ (@saylor) 19 August 2024

Although the message was written in a playful yet far-reaching manner, it was open to different interpretations. While most readers took it as a direct signal to buy, others questioned whether it was actually financial advice.

In any case, Saylor’s intention seems pretty clear: he believes the current decline represents a great opportunity for investors to accumulate Bitcoin ahead of a potential recovery.

Buy the Dip Sentiment

Saylor’s extremely optimistic attitude and his consistent purchases in the past have created a strong “buy-the-dip” sentiment among many investors.

In fact, this was of utmost importance during market volatility, as Saylor and MicroStrategy have built up enormous Bitcoin reserves over the years.

BTCUSD trading at $60,580 on the daily chart: TradingView.com

His apparently bullish stance on Bitcoin has often resonated with long-term holders, as they view the asset as fundamentally crucial to their growth in the near future.

Saylor is likely to further boost sentiment among Bitcoin enthusiasts and long-term holders. His announcement of a “sale” could encourage more bidders to enter the market, especially those who have been apprehensive until now and got cold feet at recent highs.

As he has said before, the best time to buy Bitcoin is when prices are low – and his latest clarifications reinforce this strategy.

However, the general market remains cautious. Even though Saylor presents a very optimistic outlook, Bitcoin’s recent performance has raised questions among some investors.

The broader implications for Bitcoin investors

This cryptocurrency is struggling to break through some fairly important resistance levels and the trading environment is currently one of indecision. With most traders weighing their options, the response to Saylor’s call to action is lukewarm.

While Saylor’s message may be a rallying cry for some given the ever-volatile prices, it also shows that bitcoins are potentially as risky an investment as any other.

Prices in the cryptocurrency market are known to fluctuate and fall as trading continues, and while Saylor’s views encourage accumulation, investors need to be aware of the possibility of further declines.

Featured image by Crypto Blog-Busha, Chart by TradingView