NBA legend Scottie Pippen recently made headlines when he claimed he had a dream that Bitcoin creator Satoshi Nakamoto told him the cryptocurrency would hit $84,650 by November 5.
His comments sparked a range of responses, from mocking how outrageous such a dream could be to questioning the timing of it. Bitcoin fell to about $55,602.
Pippen’s revelation follows his previous correspondence with the cryptocurrency community, which included dropping an NFT collection in 2022 and hinting at his interest in Ethereum and Solana. While fans on social media mocked the statement and how terrible his timing is, his latest venture seems intriguing.
Last night Satoshi Nakamoto visited me in a dream and predicted that #Bitcoin would be $84,650 on November 5, 2024. This is not financial advice.
— Scottie Pippen (@ScottiePippen) September 3, 2024
Possible catalysts for bitcoin price growth
The prelude to a bull market could be triggered by a perceived U.S. Federal Reserve turnaround. Its likely rate cut at the September 18 FOMC meeting, after the Bank of England and the European Central Bank, will be the most closely watched event this week.
BTCUSD trading at $57,170 on the daily chart: TradingView.com
A rate cut would lower the cost of borrowing and perhaps even encourage investors to take on more risk with Bitcoin. The U.S. presidential election on November 5 could also impact the cryptocurrency market, with one of the frontrunners for the presidency, Donald Trump, pro-crypto and promising to let the industry thrive.
Analyst’s grim outlook for bitcoin
Meanwhile, analyst and former cryptocurrency exchange CEO Arthur Hayes recently shared his views: the market will be bearish for the foreseeable future, at least until the end of September. He suggests that Bitcoin could fall to $50,000 in the worst-case scenario.
He bases his logic on macroeconomic elements such as the U.S. government’s spending habits and the futility of the Fed’s tightening. He argues that this will lead to a bond market revival, especially as the 10-year Treasury yield is already approaching a risky 5% level, something the Fed has not yet done.
About predictions and dreams
Despite the mixed forecasts, not all analysts are yet cynical about Bitcoin’s long-term prospects. According to Crypto Titan, forecasts point to BTC rising to as much as $120,000 in the coming months.
Scottie Pippen’s strange Bitcoin dream revealed his rather complicated relationship with digital gold and market volatility. Perhaps his motivations show a genuine interest in cryptocurrencies, but the uncertainty and criticism have clearly highlighted the need for transparency and legitimacy in all discourses on finance.
Featured image from Self-Awareness blog, chart from TradingView
