Bullish Bitcoin Forecasts, Shiba Inu Upcoming Projects, and More: Bits Recap Dec 31
2024-12-31
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TL;DR
BTC Price Explosion Incoming?
Despite its brief spike to almost $100,000 around Christmas, Bitcoin (BTC) has been on a downtrend in the past few weeks. On December 30, its price dumped to a one-month low of around $91,300. Shortly after, the bulls managed to recover some of the losses, pushing the valuation to nearly $95,000. However, the past several hours offered another retreat, with BTC currently trading at around $93,700 (per CoinGecko’s data).
The asset’s latest pullback occurred shortly after MicroStrategy made another crypto purchase. As CryptoPotatoreported, the company spent over $200 million to buy 2,136 BTC. Thus, its stash reached 446,000 BTC, which, at current rates, equals more than $41 billion.
It is worth noting that this was the eight consecutive Monday MicroStrategy announced a Bitcoin purchase. While, in theory, the company’s actions reduce the asset’s supply on the open market, in many cases, the disclosures were followed by immediate corrections.
Contrary to BTC’s shaky performance as of late, numerous industry participants and well-known figures remain optimistic that another bull run could be in the cards. For instance, the X user 0xNobler suggested that the asset’s next rally could start next month.
“BTC has just reached its second breakout, and the next target is $340,000,” the analyst envisioned.
The NBA legend Scottie Pippen was even more bullish, setting a target of $1 million. Interestingly, in September, he said that he had a dream with the anonymous creator of BTC, Satoshi Nakamoto, who told him that the cryptocurrency’s price would hit $84,650 on November 5 this year. The valuation surpassed that mark just a week later.SHIB to Start 2025 With a Bang
Earlier this week, Shiba Inu’s lead developer, Shytoshi Kusama, revealed their intentions to launch a podcast next year. It will consist of 44 episodes and touch upon various aspects of the meme coin’s ecosystem.
There will be no streaming on Wednesdays or Sundays, while the rest of the days of the week will be dedicated to particular topics. Mondays will focus on meme coins, Tuesdays on the Treat (TREAT) token (used as rewards in the ecosystem), Thursdays on tech discussions, Fridays on “shoutouts and follows,” and Saturdays will be “all about spirituality.”
“Next year will be epic, and I am so excited to share what we’ve built,” the developer said.
Multiple users commenting on the post welcomed the idea. However, others cast doubts that the podcast will see the light of day, maintaining that the SHIB team made a similar promise years ago.What About ADA?
Last but not least, we will touch upon Cardano’s ADA, whose price has slumped by 6% in the past week to its current $0.84.
Despite the underperformance, some factors suggest that a resurgence could be just around the corner. On December 29, the popular X user Ali Martinez claimed that whales purchased over 20 million ADA in 48 hours.
Continuous efforts in that field will leave fewer tokens available on the open market, which, combined with non-declining demand, should push the price up. Additionally, the whales’ actions could encourage smaller investors to hop on the bandwagon, thus triggering an upward momentum for ADA.