Bitcoin is currently trading around $111,600, following a 1.38% decline within the last 24 hours. Despite this recent downturn, Coinbase CEO Brian Armstrong maintains an optimistic outlook, predicting that Bitcoin (BTC) could soar to $1 million by 2030. Armstrong cites three primary factors for this bullish forecast: increasing regulatory clarity, greater adoption by governments, and a wave of institutional investment that remains on the sidelines, awaiting favorable conditions.
In his remarks, Armstrong pointed to current legislative discussions in Washington, particularly concerning new bills like the GENIUS Act for stablecoins. He believes these developments could clarify the regulatory landscape for digital assets, determining their jurisdiction under the SEC or the CFTC. Such clarity has the potential to resolve one of the longstanding uncertainties in the cryptocurrency market. Armstrong also mentioned the intriguing possibility of the U.S. establishing a strategic Bitcoin reserve, a move he argues would incentivize other nations to adopt Bitcoin, thereby generating sovereign-level demand.
On the institutional front, Armstrong noted Coinbase’s significant role in the market, as the platform currently provides custody services for approximately 80% of Bitcoin exchange-traded funds (ETFs). Given Bitcoin’s capped supply of 21 million coins and the substantial capital flow yet to enter the market, he asserts that the long-term trajectory for Bitcoin remains upward.
However, the context in which Armstrong’s prediction is set is marked by macroeconomic risks. The Federal Reserve’s cautious policy has strengthened the U.S. dollar, leading to increased pressure on risk assets. Recently, after a modest rate cut, Fed Chair Jerome Powell cautioned against premature easing of monetary policy, balancing inflation risks against signs of a weakening labor market. These global factors, coupled with ongoing geopolitical tensions—such as conflicts in Ukraine and Gaza—have made investors hesitant, resulting in Bitcoin struggling to attract new capital inflows. This dynamic creates a scenario in which long-term enthusiasm for Bitcoin faces challenges from immediate risk aversion in the market.
From a technical standpoint, Bitcoin’s recent performance indicates short-term weakness, as it appears to be failing to maintain its rally from September. The 50- and 100-period moving averages have crossed in a bearish alignment around the $114,000 mark. Support levels are currently being tested at $110,858, while further downside risks loom towards $109,469 and $107,633 if sellers continue to dominate.
The Relative Strength Index (RSI) has dipped to 36, nearing oversold territory. Should a bullish reversal pattern, such as a bullish engulfing candle or Doji, emerge near the $111,000 level, it could signal exhaustion among sellers, potentially initiating a rebound. A breakout above the channel’s upper boundary at approximately $112,600 could shift momentum in favor of upward movements toward $114,000 and $115,185.
For market participants, a tactical strategy suggests accumulating positions around $111,000 with tight stop-loss orders below $107,600, aiming for a rally targeting the $115,000 – $116,000 range. While short-term volatility may persist, Armstrong’s bold outlook, coupled with broader adoption trends, hints at a transformative future for Bitcoin, potentially redefining its role in global finance.
In related news, Bitcoin Hyper ($HYPER), positioned as the first Bitcoin-native Layer 2 solution powered by Solana’s Virtual Machine (SVM), is working to enhance the Bitcoin ecosystem by facilitating rapid, cost-effective smart contracts, decentralized applications, and even meme coin generation. By leveraging Bitcoin’s security alongside Solana’s high-performance capabilities, the project aims to unlock new applications, including seamless BTC bridging and scalable app development.
The presale for Bitcoin Hyper is gaining traction, having already amassed over $17.9 million, with limited allocations remaining available. Currently, HYPER tokens are priced at $0.012965, a figure that will likely increase as the presale continues. Interested participants can purchase HYPER tokens through the official Bitcoin Hyper website using either cryptocurrency or bank card options.
