Scottie Pippen created excitement by sharing a dream in which Bitcoin's mysterious founder, Satoshi Nakamoto, predicted that the cryptocurrency's price would hit a new all-time high in November. Factors that could spark a Bitcoin rally include the Federal Reserve lowering interest rates and the pro-crypto stance of leading US presidential candidate Donald Trump.
Scottie Pippen, one of the greatest basketball players of all time, revealed to his more than 600,000 followers on social media X that he had a dream about meeting Satoshi Nakamoto, the founder of Bitcoin (BTC), who predicted that the price of the leading cryptocurrency would reach $84,650 on November 5 this year.
Satoshi Nakamoto came to me in a dream last night and predicted that#Bitcoinwill hit $84,650 on November 5, 2024. Not investment advice.
— Scottie Pippen (@ScottiePippen) September 3, 2024
The post received mixed reactions, with some seeing it as a viable target. User X Big Tom Callahan commented: “Michael Jordan believed in you, so I will believe in you. BTC.”
Jordan and Pippen played together on the legendary Chicago Bulls team in the 1990s, where the team won six NBA championships. However, many other X users were confused by the post, with some suspecting that Pippen's account may have been hacked.
Currently, Bitcoin price is hovering around $56,800, which means it needs to increase by 50% in the next two months to reach the dream target.
A key factor that could spark a rally is the possibility of a policy change by the US Federal Reserve. The central bank is expected to cut interest rates at its next FOMC meeting on September 18, following the example of the Bank of England and the European Central Bank, which have both cut their benchmark interest rates.
Lowering interest rates will make borrowing money cheaper and could increase investor interest in risk assets like BTC.
It is worth noting that the US presidential election is scheduled to take place on November 5. The election results could have a major impact on the crypto market, as one of the leading candidates – Donald Trump – has recently expressed a pro-crypto stance, promising to boost the industry.
Specifically, he expressed his desire for the United States to become a global leader in cryptocurrencies and establish a national strategic reserve fund for BTC. According to current estimates, Trump is leading with 51% of the vote compared to 47% for his main opponent, Kamala Harris.
Experts predict BTC price increase
The list of analysts predicting an upcoming rally for the leading digital asset is varied. Popular X user Crypto Rover recently claimed that a Bitcoin bull market is “imminent.” His prediction was based on the halving that took place in April of this year, which is often a sign of a price recovery.
The crypto titan also chimed in, envisioning BTC prices rising to $120,000 in the coming months. The analyst said this was possible due to the level of “fear, disbelief, and anger” that has been raging in the crypto space recently.