Twitter founder Jack Dorsey's Bitcoin prediction: It will be at least $1 million!
While Bitcoin has shown remarkable performance since 2023, BTC reached a significant milestone by hitting a new all-time high before the halving event in April. Twitter co-founder Jack Dorsey has revealed his latest prediction for Bitcoin.
As expectations for Bitcoin price rise, record predictions from famous figures in the market continue to emerge.
Making a bold prediction for Bitcoin, Jack Dorsey claimed that the price of BTC could skyrocket to at least $1 million by the year 2030.
JACK DORSEY'S BITCOIN PREDICTION
In an interview with renowned journalist Mike Solana on Pirate Wires yesterday, Dorsey expressed his optimistic expectations for the future of Bitcoin, stating that the price of BTC would surpass expectations in the long term.
Jack Dorsey said:
“The most intriguing aspect of Bitcoin right now isn’t its price. Apart from the founding story of Bitcoin, the most surprising aspect is that everyone working on it and striving to make it better contributes to improving the entire ecosystem. This, in turn, leads to price increases. Bitcoin is a fascinating ecosystem above all else and has taught me a lot. Bitcoin will continue to evolve in the future. At this point, I believe that the price of Bitcoin could reach at least one million dollars by 2030. BTC is likely to reach this figure and even surpass it.”
What's the current status of Bitcoin?
Blockchain data analysis firm Santiment stated in a recent post that whale wallets holding between 1,000 and 10,000 Bitcoins purchased approximately $941 million worth of Bitcoin within a 24-hour period.
Bitcoin bulls are attempting to keep the price above the psychological support of $60,000, but they faced selling pressure at the 20-day exponential moving average of $62,959. Downward moving averages and the relative strength index (RSI) in negative territory indicate bearish dominance. If the support at $59,650 is broken, the BTC/USDT pair could drop to $54,298, the 61.8% Fibonacci retracement level.
If the price manages to rise above the 50-day simple moving average of $65,620, this bearish view will lose validity in the short term. The pair could then accelerate towards the critical overall resistance at $73,777.
HOW DO US AND FED DECISIONS AFFECT?
Federal Reserve’s policies can also impact the price of Bitcoin. Fed member Neel Kashkari mentioned that it is more likely to keep interest rates stable for a long time. However, he stated that they would consider a rate cut if unemployment rises. Kashkari previously stated that he expected interest rates to be cut twice in 2024. However, he now suggests reconsidering this expectation, saying that interest rates could be cut once or not at all.
The report also indicates progress on stablecoin regulation in the US. The stablecoin market capitalization is growing, and USDC is gaining market share from Tether. Regulatory clarity is considered a positive development for the industry.
Grayscale’s report also touches on the potential effects of a second Trump administration on the US dollar and Bitcoin. It references Standard Chartered’s prediction that “Bitcoin could also benefit from a possible Trump election victory.”
THE BELLS ARE RINGING SADLY IN ETHEREUM
As US markets opened, the price of BTC turned downwards following statements from Fed members. The ETF also experienced a decline during the same minutes. Although the daily bottom is currently at $2,878, at the time of writing, it continues to find buyers at $2,920. The year 2024 is not going as expected for ETH.
The SEC has been waging a veritable war on Ethereum and its ecosystem for the past few weeks. It now openly states that the transition to PoS has turned the altcoin king into an investment contract/security. With Ethereum unable to revert to PoW, there are two paths ahead. Either the SEC will be persuaded or Ethereum and its ecosystem will face the risk of being crushed under disruptive legal pressure.
Note: This is not investment advice.
