Rally

Holy Trinity

Bitcoin

Trinity

Divergence

In a bold forecast that has captured the attention of the <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener">cryptocurrency</a> community, the Co-Founder of Apollo has predicted that Bitcoin could rally to an astonishing $5 million. This ambitious projection comes amidst growing institutional interest and significant market developments poised to drive Bitcoin’s value to unprecedented heights. Echoing the bullish sentiments recently expressed by Michael Saylor, the Apollo Co-Founder Thomas Fahrer identifies a “holy trinity of bullish catalysts” that are nearing completion. These catalysts set the stage for what could be the most remarkable price surge in Bitcoin’s history. Here’s an in-depth look at the factors behind this optimistic prediction and why investors are paying close attention. 
<h2 id="the-holy-trinity-of-bullish-catalysts">The Holy Trinity of Bullish Catalysts</h2> 
In a sequel to Michael Saylor’s recent post emphasizing growing institutional interest in Bitcoin, the Apollo Co-Founder Thomas Fahrer has reiterated his bold prediction that Bitcoin could rally to an astounding $5 million. The convergence of what he describes as the “holy trinity of bullish catalysts,” signaling that the conditions for such a dramatic price increase are nearly in place underpins this assertion. 
<a href="https://coingape.com/tag/michael-saylor/" target="_blank" rel="noopener">Michael Saylor</a>, a prominent Bitcoin advocate and CEO of MicroStrategy, recently highlighted the growing institutional interest in Bitcoin, stating, “Wall Street wants Bitcoin, the House of Representatives wants Bitcoin, and now the Senate wants Bitcoin.” His comments reflect a significant shift in the acceptance and adoption of Bitcoin among major financial and governmental institutions, bolstering the narrative of Bitcoin as a mainstream asset. 
The Apollo Co-Founder Thomas Fahrer, outlined three critical factors that he believes will propel Bitcoin to new heights. First, the approval of a <a href="https://coingape.com/tag/bitcoin-etf/" target="_blank" rel="noopener">spot Bitcoin Exchange-Traded Fund (ETF)</a> would provide investors with a straightforward and regulated avenue to invest in Bitcoin, likely driving substantial capital inflows into the cryptocurrency market. Second, the Financial Accounting Standards Board (FASB) has been working on implementing fair value accounting rules for digital assets. 
Such rules would allow companies to report their <a href="https://coingape.com/blackrock-bitcoin-holdings-at-par-with-microstrategy-500-days-of-bitcoin-bull-run-loading/" target="_blank" rel="noopener">Bitcoin holdings</a> at fair value, reflecting real-time market prices. This transparency could encourage more corporate treasuries to invest in Bitcoin. Lastly, major financial institutions offering custody services and lending against Bitcoin as collateral would further legitimize Bitcoin as a valuable asset class. This development would increase liquidity and provide a more robust financial infrastructure for Bitcoin holders. 
Also Read: <a href="https://coingape.com/u-s-spot-bitcoin-etfs-bought-5-times-the-btc-mined-this-week/" target="_blank" rel="noopener">U.S. Spot Bitcoin ETFs Bought 5 Times the BTC Mined This Week</a> 
<h2 id="current-market-trends-and-technical-indicators">Current Market Trends and Technical Indicators</h2> 
Bitcoin has shown a bullish trend in the weekly crypto price analysis, consistently finding strong support above the $60,000 mark. This solid foundation sets the stage for an anticipated upward movement toward a $70,000 resistance level. Currently, the live price of <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin (BTC)</a> is $65,666.89 after a slight correction from the $66,700 resistance level. Today, cryptocurrency’s 24-hour trading volume stands at $23.8 billion. The coin has declined by 0.7% in the past 24 hours, trading between $65,842.40 and $65,179.62. Bitcoin’s live market cap is $1.2 trillion, with open interest at -1.81%, valuing $17.3 billion. 
<img decoding="async" class="aligncenter size-full wp-image-197383" src="https://coingape.com/wp-content/uploads/2024/05/Screenshot-689.png" alt="" width="1366" height="768" srcset="https://coingape.com/wp-content/uploads/2024/05/Screenshot-689.png 1366w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-689-300x169.png 300w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-689-1224x688.png 1224w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-689-768x432.png 768w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-689-678x381.png 678w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-689-150x84.png 150w" sizes="(max-width: 1366px) 100vw, 1366px"> 
Technical indicators further reinforce the optimistic outlook for the BTC/USD pair, with a majority signaling a buy. The <a href="https://coingape.com/glossary/rsi-relative-strength-index/" target="_blank" rel="noopener">Relative Strength Index (RSI)</a> demonstrates above-average readings currently at the 62.04 level, showing potential buying pressure within the market. Additionally, the Moving Averages Convergence Divergence (MACD) indicator has experienced a bearish crossover in the past week, suggesting the potential onset of a new bear market phase. The 20-SMA and 50-SMA however show a bullish trend, with the 20-SMA providing sturdy support for Bitcoin’s price. 
Also Read: <a href="https://coingape.com/crypto-prices-today-may-17-bitcoin-ethereum-retreat-as-chainlink-rallies-13/" target="_blank" rel="noopener">Crypto Prices Today May 17: Bitcoin &amp; Ethereum Retreat, Chainlink Bags Top Gainer Crown</a> 
The post <a href="https://coingape.com/btc-price-apollo-co-founder-predicts-bitcoin-rally-to-5m-heres-why/">BTC Price: Apollo Co-Founder Predicts Bitcoin Rally To $5M, Here’s Why</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

BTC Price: Apollo Co-Founder Predicts Bitcoin Rally To $5M, Here’s Why

Table of Contents

Coingape News Media

Other articles published on May 17, 2024

DTCC, Chainlink Successfully Complete a Pilot Project to Accelerate Fund Tokenization

Notcoin Price Prediction: NOT Plummets 55% On $1.3B Volume As Year’s Biggest Gaming Launch Implod...

Crypto expert Michaël van de Poppe sells all his Bitcoin; Here’s why

Bitcoin Analysts Predict New All-Time Highs

Analyst Says Bitcoin's Rise Will Continue and Announces His Target for Next Week!

Tether, TON Foundation, and Oobit Team Up for Enhanced Crypto-Payment Solutions

Join our free newsletter for daily crypto updates!