Why Bitcoin Won't Reach a New All-Time High This Yearđđ
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The Bitcoin Conference 2024 had a lineup that raised many eyebrows, featuring both Michael Saylor and former President Donald Trump. For many, this was a sign of great things to come for Bitcoin. For me, it was confirmation that Bitcoin's price will go down, not up, this year. Despite the hype and Trump's support, I believe the promises surrounding Bitcoin are just empty pre-election rhetoric designed to attract voters.
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At the conference, Michael Saylor made an astonishing prediction: Bitcoin's price would hit $13,000,000 by 2045. LOL This phrase gave me so much confidence that Bitcoin price will go in the exactly the oposite direction.
While this may sound enticing, itâs essential to recognize this for what it isâa blatant attempt to manipulate the market by influential and wealthy individuals.
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This group isn't interested in making ordinary people rich by buying Bitcoin now and selling it later at astronomical prices. Instead, this spectacle was orchestrated to give the biggest Bitcoin holders (whales) a chance to sell at current high prices before buying back at lower levels, likely around $48,000 to $50,000.
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The entire event felt similar to how influencers promote lesser-known cryptocurrencies (often referred to as "shitcoins") on social media. The main difference here is that the cryptocurrency in question is Bitcoin, with the most active and influential whales backing it. Essentially, it's a larger-scale version of the typical pump-and-dump scheme seen with smaller cryptocurrencies.
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The short-term result of this hype: significant trading volume and a temporary price pump, followed by a steep decline.
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Also, not to mention that the US economy is in a giant bubble (again) and is just about to explode, but after the election probably.