The bitcoin price, down over 70% since this time last year, crashed to under $16,000 per bitcoin over the weekend after the chief executive of the world’s largest crypto exchange Binance issued a serious warning over another exchange.
Now, in response to a Twitter question asking where the bitcoin price will be in a year, Tesla billionaire Elon Musk has predicted bitcoin “will make it”—but warned the bitcoin price could be in for a “long winter” and added dogecoin’s eventual success “goes without saying.”
It’s in a brutal bear market that you need up-to-date information the most! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
“[Bitcoin] will make it, but might be a long winter,” Musk posted to Twitter early this morning in response to tech investor and All In podcast host Jason Calacanis asking where the bitcoin price will be in a year from now.
“Bitcoin is [around] $16,000, down from [around] $69,000 a year ago,” Calacanis posted to Twitter early Monday morning. “Where will [the bitcoin price] be in another year?”
In response to another commentator suggesting Musk meant to write dogecoin instead of bitcoin, Musk joked: “That goes without saying.”
Last week, analysts at Wall Street giant JPMorgan issued a devastating bitcoin price prediction, warning the cryptocurrency could fall by another 25% following the FTX meltdown—even after the bank made a big bet on crypto.
Musk, who first gave his support to bitcoin in early 2021 when he bought $1.5 billion worth of bitcoin via his electric car company Tesla, has appeared to sour on bitcoin over the last 18 months, lending his support instead to the meme-based dogecoin.
Tesla sold off most of its bitcoin earlier this year in an attempt to shore up its balance sheet following supply chain disruption caused by China lockdowns.
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
Last year, Musk called for dogecoin to cut its fees and increase transaction speed to “beat bitcoin hands down.” He has since rolled out dogecoin support at both Tesla and his rocket company SpaceX.