NBA legend Scottie Pippen recently made headlines for claiming he had a dream that bitcoin creator Satoshi Nakamoto told him the cryptocurrency would hit $84,650 on November 5.
His comments have sparked a lot of reactions, from some who mock how outrageous such a dream can be to others who question the timing of… bitcoin” target=”_blank” rel=”noopener nofollow”>bitcoin just dropped to around $55,602.
Pippen’s revelation comes in the wake of his previous correspondence with the crypto community, which included the launch of an nft collection in 2022 and stated interest in ethereum and Solana. While fans on social media have scoffed at the claim and how horrible the timing is, his most recent effort appears to be intriguing.
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Satoshi Nakamoto visited me in my dream last night and predicted that twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin would be $84,650 on November 5, 2024. This is not financial advice.
— Scottie Pippen (@ScottiePippen) twitter.com/ScottiePippen/status/1831074924217438310?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>September 3, 2024
Possible catalysts for a bitcoin rally
A prelude to a bull run could be triggered by a perceived change of course by the US Federal Reserve. Its likely rate cut at the FOMC meeting on 18 September, following those of the Bank of England and the European Central Bank, will be the most closely watched event this week.
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BTCUSD trading at $57,170 on the daily chart: TradingView.com
A rate cut would reduce the cost of borrowing and possibly even encourage investors to take more risks with bitcoin. The US presidential election may also influence the cryptocurrency market on November 5, as one of the front-runners for the presidential post, Donald Trump, is showing support for cryptocurrencies and promises to allow the industry to thrive.
Analysts' gloomy outlook for bitcoin
Meanwhile, analyst and former CEO of a cryptocurrency exchange platform, Arthur Hayes, recently shared his opinion: the market will be bearish in the near future, at least until the end of September. He suggests that bitcoin could hit the $50,000 mark in the worst case scenario.
He bases his logic on macroeconomic elements such as the spending habits of the US government and the futility of the Federal Reserve's tightening policy. He says this will lead to a bond market recovery, especially now that 10-year Treasury bond yields are already approaching the risky 5% mark, something the Fed has failed to achieve.
On forecasts and dreams
Despite mixed forecasts, not all analysts are pessimistic about bitcoin’s long-term prospects. According to crypto Titan, projections point to btc rising to as high as $120,000 in the coming months.
Scottie Pippen’s bizarre bitcoin dream exposed his complicated relationship with digital gold and market volatility. His motive may demonstrate a genuine interest in cryptocurrencies, but that uncertainty and criticism clearly highlighted the need for transparency and legitimacy in all discourses about finance.
Featured image from Self-Awareness Blog, chart from TradingView
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