NBA Legend Claims Satoshi Vision Predicts Bitcoin Super Rally by November 2024

Scottie Pippen, an NBA legend has made a startling claim about the future of Bitcoin via his X account, citing a dream visitation from Satoshi Nakamoto, the pseudonymous creator of the cryptocurrency. 

According to the basketball star, Satoshi predicted a “super rally” beginning on November 15, 2024, coinciding with a “super moon.” This bold prophecy comes at a time when Bitcoin has shown resilience in the market, rebounding from a rocky start in October to stabilize between $65,000 and $67,000. 

Despite this positive trend, market sentiment remains divided. Data from Binance reveals that 58.23% of accounts with open Bitcoin positions are currently shorting the cryptocurrency, indicating a significant level of caution among traders who believe the current rally may be nearing its peak.

Recent Performance and Technical Analysis

Bitcoin’s recent performance has been encouraging for bulls. After a surge between October 14 and 16, the price has been trading sideways, maintaining levels above the critical $66,780 mark identified by analyst Ali Martinez. 

As of October 18, Bitcoin was trading at $67,780, fueling optimism that it could reach new all-time highs around $86,600. This upward trend aligns with historical patterns, as October has traditionally been a strong month for Bitcoin, often preceding a period of sustained growth lasting until May. 

However, the cryptocurrency market’s notorious volatility means that the possibility of sudden pullbacks remains ever-present. Recent large Bitcoin transfers by Tesla have raised concerns about potential selling pressure that could impact the market.

Institutional Interest and Market Dynamics

The recent surge in Bitcoin’s price has been accompanied by a significant increase in institutional interest, particularly evident in the staggering inflows to Bitcoin exchange-traded funds (ETFs). 

This influx of institutional capital suggests growing confidence in Bitcoin as a legitimate asset class. Despite occasional plunges throughout 2024, the overall bullish sentiment has persisted, with Bitcoin showing a 12.99% gain over the past 30 days. 

As of October 18, Bitcoin’s price stood at $67,780, reflecting its resilience in the face of various market challenges, including early October’s geopolitical concerns that triggered a temporary decline.

According to QCP analysis Bitcoin gained 10.48% this week, just one step away from the psychological $70,000 barrier. Institutional pressure for BTC ETF remains high as inflows into the product skyrocket to $203.3m on Friday. 

Meanwhile, Japan’s inflation rate slipped back to 2.5%, and the market saw less chance of the Bank of Japan taking interest rates up any time soon, continuing to push the USD/JPY exchange rate lower and help bolster the risk appetite on the market.

Current Market Statistics and Future Outlook

As of the latest update on October 18, Bitcoin’s price has continued its upward trajectory, reaching $68,324.79. With a circulating supply of 20 million BTC, the cryptocurrency has seen a 0.76% increase in the last 24 hours and an impressive 8.74% gain over the past week. 

Bitcoin’s market cap stands at $1.3 trillion and the 24-hour trading volume of $30.6 billion indicates robust market activity. 

While these figures paint a positive picture, the market remains highly unpredictable. The NBA legend’s prophecy of a “super rally” in November 2024 adds an intriguing element to the ongoing discussions about Bitcoin’s future.