NBA legend Scottie Pippen recently made headlines for claiming that he had dreamt of Bitcoin creator Satoshi Nakamoto telling him that the cryptocurrency would reach $84,650 by November 5.
His comments have generated a lot of reactions, from some ridiculing at how outrageous such a dream can get to others questioning the timing when Bitcoin just fell to about $55,602.
Pippen’s revelation follows his past correspondence with the crypto community, which included dropping an NFT collection in 2022 and indicating interest in Ethereum and Solana. Though fans on social media have poked fun of the assertion and how horrible a timing it is, his most recent endeavor seems to be an intriguing one.
Satoshi Nakamoto visited me in my dream last night and predicted that #Bitcoin would be at $84,650 on November 5, 2024. Not financial advice.
— Scottie Pippen (@ScottiePippen) September 3, 2024
Possible Catalysts For A Bitcoin Rally
A prelude to a bull run could be triggered by a perceived pivot of the US Federal Reserve. Its probable rate cut in the September 18 FOMC meeting, after the Bank of England and European Central Bank, will be the most closely watched event this week.
A rate cut would decrease the cost of borrowing, and possibly even embolden investors to take more risks on Bitcoin. US presidential elections may also weigh in on November 5 in the crypto market, with one of the front-runners for the presidential seat, Donald Trump, being pro-crypto and promising to let the industry thrive.
Analyst’s Bleak Outlook For Bitcoin
Meanwhile, analyst and former crypto exchange CEO Arthur Hayes recently shared his views: the market will be bearish in the near future, at least until the end of September. He suggests Bitcoin could make its way down to the US$50,000 mark in the worst case.
He bases his logic on macroeconomic elements like the US government’s spending habits and the futility of the tightening policy of the Federal Reserve. He says this will lead to the reprising of the bond market, especially as 10-year Treasury yields are already nearing the risky mark of 5%, which the Fed hasn’t done.
On Forecasts And DreamsDespite the mixed forecast, not all analysts are yet bearish on the long-term prospects of Bitcoin. According to Crypto Titan, projections point to a surge in BTC up to as much as $120,000 in the coming months.
Scottie Pippen’s weird Bitcoin dream unraveled his quite complicated relationship with the digital gold and the volatility of the market. Perhaps, his motive demonstrates an actual interest in crypto, but that uncertainty and criticism brought into sharp focus the need for transparency and legitimacy within all discourses on finances.
Featured image from Self-Awareness Blog, chart from TradingView