Bitcoin Price Prediction: Amidst Volatility, Could Wall Street's Favorite Meme Coin Be a Wise Bet?

Bitcoin Price Prediction: Amidst Volatility, Could Wall Street’s Favorite Meme Coin Be a Wise Bet?

Updated: 07 August 2023

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Bitcoin (BTC) supporters have recently grown strongly optimistic about the coin’s performance. While BTC continues to trade sideways and balance just above the support level at $29k, many have started talking about Bitcoin’s chances of hitting $100k — before halving even happens.

One example is Blockstream CEO Ada Back, one of the crypto industry’s pioneers, who appears confident that the coin will climb back to its old ATH and exceed it before the next year’s halving.

Back recently predicted that Bitcoin would hit $100,000 per coin, and to back up his claim, he said that he is willing to drop a million wagering on it.

@adam3us, one of the few people sited by Satoshi Nakamoto in the #Bitcoin White Paper, is betting @Vikingobitcoin9, that the usd price of BTC will be above $100,000 by the next halving event scheduled to take place late April 2024. Here's why Adam might win. 👇🏾 pic.twitter.com/rLValzwS9o

— Oliver L. Velez ⚡️ 13%'er Bitcoiner (@olvelez007) August 5, 2023

The bold claim came up in a recent X conversation with another user known as Vikingo (@Vikingobitcoin9), where Back agreed to bet on BTC hitting $100k by March 31st, 2024. Vikingo, on the other end, said “I bet we won’t see 100k til 2025.”

I bet we won’t see 100k til 2025

— Vikingo (@Vikingobitcoin9) August 6, 2023

Bitcoin Massively Outperformed Crypto Hedge Funds

Bitcoin’s performance over the last month and a half has been interesting to watch as its price entered its historic calm, mainly trading sideways for over a month.

There have been a few sudden price jumps or drops during the period, but for the most part, the coin’s performance was relatively calm.

Despite this, Swiss investment adviser 21e6 Capital AG data reveals that 13% of crypto hedge funds have shut down so far this year due to weak performance. More than that, they were having difficulties accessing banking services.

Crypto hedge funds suffer from lagging performance to Bitcoin and a set of operational difficulties, such as accessing banking services.

About 13% of them shut down this year, according to data tracked by 21e6 Capital. 1/https://t.co/L7ozmXW1G4 @crypto

— Yueqi Yang (@Yueqi_Yang) August 4, 2023

Meanwhile, BTC gained 77%, especially after fund managers filed for Bitcoin spot ETFs. Even the CEO of hedge fund Pantera Capital believes that Bitcoin is about to make a move and rally.

Pantera’s CEO, Dan Morehead, says that the rally is likely as it has been enough time since the collapse of Terra and FTX for Bitcoin to surge without anything holding it back.

He further pointed out that blockchain has decoupled from traditional markets, so any future weakness in bonds or equities will not matter for crypto.

Bitcoin Price Still at $29k

Of course, optimistic predictions are one thing, while actual price performance is quite different. So far, Bitcoin has spent the last several days continuing to trade sideways.

The coin expressed an extreme lack of volatility over the weekend, spending it just above a support level of $29,000.

It did see a small price jump with the start of Monday, August 7, which only took it to $29,134 before coming back down to $29,002, which is where the price sits at the time of writing.

Crypto analysts who looked to the charts for technical indicators and signals say the situation appears unpromising. BTC has been facing difficulties, and while they acknowledge the bullishness of market participants, the regulations continue to hinder price movement.

Analysts agree that a surge is a certainty, but they also say that the price must attract sufficient holders for it to happen.

Wall Street Memes hits $22 million milestone

While Bitcoin price performance continues to fill the crypto community with uncertainty, the most successful cryptocurrency still in presale, Wall Street Memes (WSM), continues to blow up.

The token has just reached a new milestone by raising over $22 million. More than that, by crossing this level, it also entered into a new stage of its presale.

Right now, the token’s price sits at $0.0331, and it will grow to $0.0334 in around six days after the current stage ends, or possibly sooner if the next goal of $23.97 million is reached before then. Anyone interested in joining the presale can buy WSM via ETH, BNB, USDT, or credit and debit card.

The token was created to commemorate a group of amateur investors from a subreddit called WallStreetBets. Back in early 2021, the group stood against institutional investors who were shorting GameStop stock for their own profit while their actions threatened to destroy the company.

GameStop was not the only target, either. Redditors reacted by massively purchasing GameStop shares, thus boosting their price, and helping the firm survive, while institutions lost their money.

Smog (SMOG) - Meme Coin With Rewards

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