- Dorsey sees $1M by 2030, but Schiff warns of an upcoming downward pressure.
- Market sentiment hints at a short-term rise amidst price uncertainty.
As a seasoned analyst with extensive experience in the cryptocurrency market, I’ve seen firsthand how unpredictable and volatile Bitcoin can be. After the Bitcoin halving event, which was highly anticipated, it seems that the leading cryptocurrency is on a downward trajectory. With Bitcoin trading at $60,708 after a significant drop of 4.20% in the past 24 hours, it’s clear that investors are feeling uneasy about its future direction.
As a crypto investor, I’ve been eagerly anticipating the Bitcoin halving event. However, since it occurred, I’ve noticed a concerning trend: Bitcoin seems to be heading south instead of continuing its upward momentum.
The current price of Bitcoin as of the most recent data is $60,708, representing a decline of 4.20% over the previous 24-hour period.
Execs’ optimistic stance on Bitcoin
As a researcher looking into the current state of Bitcoin’s value, I’d like to share an intriguing prediction made by Jack Dorsey, a notable figure in technology and cryptocurrencies. Despite the recent decline in Bitcoin’s performance, Dorsey, who has previously led Twitter as its CEO, anticipates that the price of Bitcoin will surpass $1 million by the year 2030.
In the latest interview with the ‘Pirate Wire’, Dorsey said,
“Bitcoin’s most striking feature, beyond its origin tale, lies in this: anyone who contributes to it, be it through work, compensation, or personal investment, ultimately strengthens the system as a whole. This collective improvement effort drives the price upward.”
Dorsey’s comment underscores the fact that Bitcoin’s cooperative and transparent community brings about wider advantages when people contribute to enhancing the network or interact with it constructively.
As a crypto investor, I can tell you that Dorsey isn’t alone in seeing this market downturn as an excellent opportunity to buy. According to Layah Heilpern, the engaging host of The Layah Heilpern Show, she shares this perspective too.
Bitcoin’s market sentiment
According to AMBCrypto’s assessment of Bitcoin’s market mood, the daily chart showed a bearish pattern, but there were signs pointing to a possible brief rally up to around $65,000.
Amidst this optimism, one of the biggest Bitcoin critics, Peter Schiff noted,
As a market analyst, I’ve observed a decline in the number of new buyers entering the Bitcoin market. Consequently, Exchange-Traded Funds (ETFs) are experiencing notable outflows. This trend is expected to exert substantial downward pressure on Bitcoin’s price.
Based on current market trends, it’s important to monitor which viewpoint holds sway as Bitcoin approaches its prior record highs and enters a recognizable Re-Accumulation phase.
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2024-05-12 05:11