TL;DR
- Bitcoin peaked at over $108,000 in mid-December but has since dropped to around $93,500 after Federal Reserve policy updates.
- Despite the recent downturn, prominent figures like the former basketball player Scottie Pippen predict significant future gains, with targets as high as $1 million.
Is It Still Early?
Bitcoin (BTC) has experienced a substantial rally throughout 2024, with the real bull run starting shortly after Donald Trump’s victory in the US presidential elections. On November 5 (election day), the primary cryptocurrency was worth around $68,500, while a month later, it crossed the psychological level of $100,000. The upswing continued, and BTC hit a new all-time high of over $108,000 in mid-December.
However, the Federal Reserve’s latest FOMC meeting slowed things down. While America’s central bank announced another 0.25% rate cut, Fed Chairman Jerome Powell hinted that the policy might be paused in 2025 due to rising inflation concerns. He also said the Fed is not permitted to hold BTC, casting doubt on Trump’s plans to establish a strategic Bitcoin reserve.
Since then, the asset’s price has been on a downtrend, briefly tumbling below $93,000. It is currently worth approximately $93,500 (per CoinGecko’s data).
However, BTC proponents expect the negative trend to end soon, forecasting fresh peaks. An example is one of the greatest basketball players of all time – Scottie Pippen. He recently claimed that it is not too late to jump on the BTC bandwagon, believing that the asset’s market cap has a lot of room for growth. Pippen placed himself among the biggest maxies, setting a whopping target of $1 million per coin.
You think you’re late to Bitcoin because it hit $100,000.
I think I’m early to Bitcoin because it’s $1.7 Trillion Market Cap out of a total $900 Trillion in global assets.
Next stop, $1 MILLION $BTC
— Scottie Pippen (@ScottiePippen) December 28, 2024
It is important to note that he was quite accurate with his previous prediction. At the beginning of September, Pippen said that he had a dream with the anonymous creator of BTC, Satoshi Nakamoto, who envisioned that the cryptocurrency’s price would hit $84,650 on November 5 this year. Recall that the valuation reached the target less than a week later.
Other BTC Predictions
The list of industry participants who think that BTC has yet to record substantial gains includes many names. X user Mags, for instance, recently assumed that the bull cycle’s peak might occur somewhere between June 2025 and October 2025. The analyst based their prediction on BTC’s performance during the previous bull runs.
Jason Williams chipped in, too, suggesting that the asset has re-entered the accumulation zone. “In my view, a few weeks of consolidation could set the stage for a massive breakout. $131.5K+ by Q1 2025 feels inevitable. See you there,” the analyst added.
