TL;DR

Scottie Pippen stirred excitement by sharing a dream where Bitcoins mysterious creator, Satoshi Nakamoto, predicted the cryptocurrency would reach a new ATH in November. Possible catalysts for a Bitcoin rally include a Federal Reserve rate cut and the pro-crypto stance of the leading US presidential candidate Donald Trump.

The Dream With Satoshi

Scottie Pippen, considered one of the greatest basketball players of all time, revealed to his over 600,000 followers on X that he had a dream with the anonymous creator of Bitcoin (BTC), Satoshi Nakamoto, who predicted that the price of the leading cryptocurrency would hit $84,650 on November 5 this year.

Satoshi Nakamoto visited me in my dream last night and predicted that #Bitcoin would be at $84,650 on November 5, 2024. Not financial advice.

The post was met with mixed reactions, with some describing the forecast as a possible goal. X user Big Tom Callahan, for example, said:

Michael Jordan trusted you, so Ill trust you. BTC.

Jordan and Pippen were both part of the Chicago Bulls dream team in the 1990s when the club won six NBA championships. Other X users, though, were left baffled by the post, with some assuming that Pippens account might have been hacked. 

Bitcoins price currently stands at around $56,800, meaning it must rally by 50% in two months to reach the target of the dream. 

One important factor that may trigger a bull run is a potential pivot from the US Federal Reserve. The central bank of America is expected to lower interest rates after its next FOMC meeting, scheduled for September 18, thus follow the example of Bank of England and the European Central Bank which already lowered the benchmark.

Reducing the rates will make money-borrowing cheaper and could increase the investor interest in risk-on assets such as BTC.

It is worth noting that the US presidential elections are scheduled for November 5. The outcome of the voting could have a major impact on the cryptocurrency market since one of the leading candidates Donald Trump has shown pro-crypto stance as of late, promising to let the industry thrive.

Specifically, he expressed his desire for the United States to become the global crypto leader and establish a national strategic reserve of BTC. According to current estimations, Trump has the upper hand, collecting 51% of the votes versus 47% for his main opponent, Kamala Harris.

Other BTC Bulls

The list of analysts forecasting an upcoming rally for the leading digital asset stretches far and wide. The popular X user Crypto Rover recently claimed that the BTC bull market is imminent. He based his prediction on the halving that took place in April this year, which is usually a precursor of a price resurgence. 

Titan of Crypto chipped in, too, envisioning BTC rising to as high as $120,000 in the following months. The analyst thinks this is possible due to the high levels of fear, disbelief, and anger that have been reigning in the crypto space as of late.