Dogecoin Founder Says Bitcoin Needs Space To Rally Again
Dogecoin Founder, Bill Markus has expressed a sullen sentiment on Bitcoin’s recent price drop after the cryptocurrency surged to $44,000 highs in early December.
Doge Founder Somber Stance Over Bitcoin Price Swings
Around the first week of December, Bitcoin experienced a startling surge to over $44,000 from $38,000 at some point in late November. The cryptocurrency has been on a steady upward trend driven by several factors including anticipation surrounding the United States Securities and Exchange Commission’s (SEC) final decision on Spot Bitcoin ETF applications in January.
Despite the positive upticks experienced by the cryptocurrency, BTC has recently seen its price drop from 2023 highs of over $44,000 to $40,000 levels following Senator Elizabeth Warren’s anti-crypto statements on Monday and a bill aimed at tightening crypto regulations.
Due to the unexpected price decline, Markus has made somber remarks on BTC’s recent price swings, stating that the cryptocurrency was “having a mood again.”
When asked by a crypto community member what actions to take amidst the BTC price decrease, Nakamoto humorously replied “Just give it space, I guess. It’ll come out of its room eventually, maybe.”
At the time of writing, the price of Bitcoin is trading at $42,968 according to CoinMarketCap. The price correction to above $42,000 can be attributed to a recent announcement made by the US Federal Reserve to uphold stable interest rates. Following the Fed’s decision, BTC saw a price increase of almost 5% and Ethereum also experienced a slight price growth.
BTC price recovers above $43,000 | Source: BTCUSD on Tradingview.com
Crypto Exchange Somber BTC Price Prediction
The positive sentiment surrounding BTC’s price has been rising steadily following the Fed’s recent rate announcement and the excitement regarding the Bitcoin halving event scheduled for April 2025.
However, crypto exchange, Changelly has countered recent positive price predictions for Bitcoin. According to the exchange’s predictions, the price of BTC is expected to see a slight 0.98% drop by December 15.
Changelly’s forecast has expressed a bullish bearish signal of around 17% for the cryptocurrency. Adding to the uncertainty of BTC’s overall price potential, Bloomberg Analyst, James Seyffart has warned against over-expectations concerning proposed massive inflows into BTC following the approval of Spot BTC ETFs.
On the other hand, many crypto investors have made optimistic predictions on the Bitcoin bull run, with a popular crypto community member, the Crypto Rover predicting Bitcoin to reach $150,000 to $220,000 during the BTC bull run.
Featured image from Markets Insider, chart from Tradingview.com
