Dogecoin Founder Bill Markus has conveyed a somber outlook regarding Bitcoin’s recent price decline following the cryptocurrency’s surge to $44,000 highs in early December.
In early December, Bitcoin saw a remarkable increase, surging from around $38,000 in late November to over $44,000. The cryptocurrency’s consistent upward trajectory is influenced by various factors, including anticipation of the United States Securities and Exchange Commission’s (SEC) final decision on Spot Bitcoin ETF applications in January.
Despite the positive gains witnessed by the cryptocurrency, BTC has recently experienced a decline in price, dropping from 2023 highs of over $44,000 to $40,000 levels. This downturn follows Senator Elizabeth Warren’s anti-crypto statements on Monday and a bill aimed at tightening crypto regulations.
In response to the unexpected price dip, Markus expressed a somber sentiment, stating that BTC was “having a mood again.” When a member of the crypto community asked Nakamoto about actions to take during the BTC price decrease, Nakamoto humorously replied, “Just give it space, I guess. It’ll come out of its room eventually, maybe.”
As of now, the current Bitcoin price stands at $42,413, as reported by CoinMarketCap. The correction to a value above $42,000 is linked to a recent announcement from the US Federal Reserve, indicating a commitment to maintaining stable interest rates. In response to the Fed’s decision, BTC witnessed an almost 5% price increase, and Ethereum also saw a modest growth in its price.
Cryptocurrency Exchange Predicts Downturn in BTC Prices
While the optimism around BTC’s price has been increasing due to the Fed’s recent rate announcement and the anticipation of the Bitcoin halving event in April 2025, Changelly, a crypto exchange, offers a contrasting view. According to their predictions, BTC is anticipated to experience a marginal 0.98% decrease by December 15.
Changelly’s forecast indicates a bearish signal of approximately 17% for the cryptocurrency. Heightening the uncertainty surrounding BTC’s overall price outlook, Bloomberg Analyst James Seyffart has cautioned against excessive expectations regarding substantial inflows into BTC following the approval of Spot BTC ETFs.
Conversely, numerous crypto investors have voiced optimistic predictions for the Bitcoin bull run. A well-known member of the crypto community, the Crypto Rover, foresees Bitcoin reaching $150,000 to $220,000 during this bullish phase.
