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Bitcoin Price Decline Challenges Cardano Founder’s $250,000 Prediction
Cardano founder Charles Hoskinson previously predicted Bitcoin could reach $250,000 this year, based on favorable international negotiations and the GENIUS Act. However, market realities have cast doubt on this forecast.
Bitcoin Market Analysis
- Bitcoin reached $126,000 in mid-October but has since declined to approximately $89,300, a nearly 30% drop from recent highs.
- The broader crypto market lost over $1 trillion in market cap due to investor selling pressure and significant outflows from Bitcoin ETFs.
- Jacob King, Swandesk CEO, criticized Hoskinson’s target as unrealistic, suggesting a new bear market cycle.
Bear Market Indicators
- Lark Davis noted Bitcoin has entered a bear market based on the four-year price cycle, questioning its relevance or confirming a bearish phase.
- Analyst Mr. Wall Street speculates a peak at $126,000, predicting potential declines to $74,000-$82,000, and possibly $54,000-$60,000 by Q4 2026.
