The price of bitcoin is at $27,955, showing a slight Monday dip of 0.25%. The CEO of OpenAI has praised Bitcoin as the “super logical” step on the tech tree, underscoring its relevance in the developing technological landscape. This is a noteworthy development.
Vladimir Putin, the president of Russia, has also issued a warning about the stability of the US dollar-based global financial system, underscoring the significance and growing importance of cryptocurrencies in the world of finance.
Bitcoin, according to the OpenAI CEO, is the logical next step in technological advancement
Sam Altman, CEO of OpenAI, commended Bitcoin as a “super logical” advancement in technology, pointing to its freedom from governmental interference and potential to fight corruption. Altman recently shared his enthusiasm for Bitcoin’s function as decentralized global money on The Joe Rogan Experience podcast.
Altman, who founded Worldcoin as well, hypothesized that Bitcoin’s transparency may lessen corruption in a technologically advanced society. Although there is significant uncertainty over the overall bitcoin sector,
Given its limited quantity and decentralized mining, Joe Rogan expressed confidence about Bitcoin’s potential to become widely usable money.
Altman and Rogan stated their vehement opposition to central bank digital currencies (CBDCs) as well as their issues with the US government’s approach to regulating cryptocurrencies.
Bitcoin’s price is now declining, which might be attributed to a number of uncontrollable circumstances or broader market trends.
Even though it may not be immediately evident how this development will affect the price of BTC, in the long run, it could have a favorable impact on the prognosis for the Bitcoin market and elevate public sentiment.
Putin predicts the global financial system based on the US dollar will collapse soon
Russian President Vladimir Putin stated in a speech at the Valdai Discussion Club that he thinks the US dollar-based international financial system is gradually coming to an end.
Putin made the observation that the US economy’s contribution to global GDP is declining, a sign that the Bretton Woods system, which is built on the dollar, is aging.
In comparison to the G7 countries, he also emphasized the growing significance of the BRICS nations in terms of buying power parity.
Instead of adopting a unified currency, Putin explored the prospect of developing a settlement mechanism and conducting commerce in national currencies inside the BRICS bloc.
Even though the price of Bitcoin is now falling, the recent news can have a big impact in the future by highlighting the problems with the current financial system.
In reaction to these worries, Bitcoin may become increasingly well-known as a trustworthy store of value due to its widespread perception as a protection against the devaluation of fiat currencies.
Bitcoin Price Prediction
Technically speaking, with a focus on the 4-hour time period, Bitcoin is getting close to important price levels. The pivot point is at $27,348.
It’s critical for traders and investors to pay attention to the $28,350 immediate resistance level. If this obstacle is overcome, Bitcoin may aim for the subsequent barriers at $29,400 and possibly $30,785.
If bears take control, on the other hand, Bitcoin may find support at $26,630, then $25,260, and a further level at $24,556.
The Relative Strength Index (RSI), when looking at technical indicators, is 48, which indicates a sentiment that is almost neutral. However, there is a tiny negative bias when the RSI is below 50.
As long as Bitcoin maintains above the $27,500 level of the 50-day Exponential Moving Average (EMA), the short-term trend may continue to be bullish.
Chart patterns support the potential upward trend of Bitcoin. On the 4-hour chart, an upward channel is visible with strong support from the 50 EMA, especially close to $27,500.
In the end, as long as Bitcoin maintains a price over $27,500, the general trend appears to be favorable. If the current momentum continues and the external environment is supportive, Bitcoin may soon test the crucial $28,500 mark, with a potential breach occurring.
Investors and traders should maintain vigilance, pay close attention to technical levels, and modify their tactics as necessary.