Eric Trump, son of former US President Donald Trump, made a bold prediction at the Bitcoin Asia conference in Hong Kong, stating that Bitcoin could reach $1 million. His forecast is based on the idea of limited supply and increasing institutional interest in cryptocurrency.
Eric Trump's Forecast for Bitcoin
At the conference, Eric Trump stated that there is no question Bitcoin will reach $1 million. He noted that limited supply and growing institutional interest would push prices higher. He urged investors to buy and hold Bitcoin, adding:
> "I really believe in the next several years bitcoin hits a million dollars. Buy right now, close your eyes, hold it long term, do not get rid of it."
The Role of the US in the Crypto Revolution
Eric Trump emphasized that the US is 'winning the digital revolution,' despite China being a powerful force in developing digital currencies. He noted that both his father and Chinese President Xi Jinping likely understand cryptocurrencies 'better than anybody else in the world.' He also pointed out Bitcoin community support for Donald Trump even before his second presidential term started.
Current Situation with Bitcoin's Price
Currently, Bitcoin is trading at $108,445 after gaining 16.24% this year. Analysis of current trends indicates that Bitcoin's price is in a descending channel with support at $108,400 and strong resistance at $111,000. Losing support at $107,800 could lead to a drop to $105,150, while a breakout above the $111,000 level may open the way to $113,650 and beyond.
Eric Trump's predictions about Bitcoin rising to $1 million reflect optimism and confidence among certain market participants. However, current market conditions indicate uncertainty, and investors should closely monitor price fluctuations.
