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Apollo Co-Founder Predicts Bitcoin Rise to $5 Million, Here’s Why
In a bold prediction that caught the attention of cryptocurrency community, the Apollo co-founder predicted that Bitcoin could reach an astonishing $5 million. This ambitious projection comes amid growing institutional interest and significant market developments poised to drive Bitcoin’s value to unprecedented levels. Echoing the optimistic sentiments recently expressed by Michael Saylor, Apollo co-founder Thomas Fahrer identifies a “holy trinity of optimistic catalysts” that are nearing completion. These catalysts set the stage for what could be the most notable price surge in Bitcoin history. Here’s an in-depth look at the factors behind this bullish forecast and why investors are paying close attention.
The Holy Trinity of Bullish Catalysts
In a follow-up to Michael Saylor’s recent post highlighting the growing institutional interest in Bitcoin, Apollo co-founder Thomas Fahrer reiterated his bold prediction that Bitcoin could rise to an astonishing $5 million. The convergence of what he describes as the “holy trinity of bullish catalysts”, signaling that the conditions for such a dramatic price rise are almost in place, supports this claim.
Michael Saylor, a prominent Bitcoin advocate and CEO of MicroStrategy, recently highlighted the growing institutional interest in Bitcoin, stating: “Wall Street wants Bitcoin, the House of Representatives wants Bitcoin, and now the Senate wants Bitcoin.” His comments reflect a significant shift in the acceptance and adoption of Bitcoin among major financial and government institutions, reinforcing the narrative of Bitcoin as a mainstream asset.
Apollo co-founder Thomas Fahrer outlined three critical factors that he believes will propel Bitcoin to new heights. First, the approval of a Spot Bitcoin exchange-traded fund (ETF) it would provide investors with a simple, regulated path to investing in Bitcoin, likely generating substantial capital flows into the cryptocurrency market. Second, the Financial Accounting Standards Board (FASB) has been working on implementing fair value accounting rules for digital assets.
These rules would allow companies to communicate their Bitcoin Holdings at fair value, reflecting real-time market prices. This transparency could encourage more corporate treasuries to invest in Bitcoin. Lastly, major financial institutions offering custody services and lending against Bitcoin as collateral would further legitimize Bitcoin as a valuable asset class. This development would increase liquidity and provide a more robust financial infrastructure for Bitcoin holders.
Read too: US Spot Bitcoin ETFs Bought 5x BTC Mined This Week
Current market trends and technical indicators
Bitcoin showed an uptrend in the weekly crypto price analysis, consistently finding strong support above the $60,000 mark. This solid base sets the stage for an early upward move towards a $70,000 resistance level. Currently, the live price of Bitcoin (BTC) is $65,666.89 after a slight correction from the $66,700 resistance level. Today, the cryptocurrency’s 24-hour trading volume is $23.8 billion. The currency fell 0.7% in the last 24 hours, trading between US$65,842.40 and US$65,179.62. Bitcoin’s live market capitalization is $1.2 trillion, with open interest at -1.81%, valuing $17.3 billion.
Technical indicators further reinforce the bullish outlook for the BTC/USD pair, with most signaling a buy. O Relative Strength Index (RSI) demonstrates above average readings currently at the 62.04 level, showing potential buying pressure in the market. Additionally, the Moving Average Convergence Divergence (MACD) indicator experienced a bearish crossover last week, suggesting the potential start of a new bear market phase. The 20-SMA and 50-SMA, however, show an uptrend, with the 20-SMA providing robust support for Bitcoin price.
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