Jack Dorsey’s $1M Bitcoin Forecast Faces Regulatory and Market Challenges
Jack Dorsey, the co-founder and former CEO of Twitter, has made a bold prediction that Bitcoin will reach at least $1 million by 2030. This forecast coincides with his recent departure from the decentralized platform BlueSky, motivated by shifts away from its original vision of true decentralization.
Simultaneously, Dorsey’s fintech enterprise, Block, faces regulatory scrutiny, impacting its services like Square and Cash App. Despite these challenges, Bitcoin shows robustness in the market, maintaining a price of around $61,000.
While Dorsey remains optimistic about Bitcoin’s potential, the ongoing regulatory pressures and market uncertainties continue to pose significant challenges
Bold Prediction: Jack Dorsey foresees Bitcoin reaching $1 million by 2030
Regulatory Scrutiny: Block, including Square and Cash App, under compliance review
Bitcoin Prediction
Today, Bitcoin is priced at $60,620, witnessing a decline of around 4% within the last 24 hours. Bitcoin price prediction seems bearish as BTC is holding below $60,975. Above this pivot, immediate resistance levels are observed at $63,400, followed by $65,050, and extending to $67,160, which may challenge further upward movements
Conversely, support levels are marked distinctly, beginning at $59,075 and subsequent support at $56,640 and $54,400
Technical indicators reflect a cautious outlook; the Relative Strength Index (RSI) stands at 38, indicating a potential overselling scenario. The 50-day Exponential Moving Average (EMA) is positioned at $62,325, providing a reference point for current price actions
Bitcoin’s recent market behaviour shows a bearish engulfing pattern on the 4-hour chart, breaching the upward trendline at $60,975. This breakdown suggests potential downward pressure, targeting the immediate support level at $59,075
Conclusion: Bitcoin’s current market stance is bearish, below the $60,975 threshold. A decisive move above this level could, however, pivot towards a bullish trend
