$16,000 seems to be a popular number amongst bitcoin price predictors. Recently, Live Bitcoin News reported on a source that claimed bitcoin could potentially reach that number by the time November began. Sadly, this prediction didnâ€™t come true, but thatâ€™s not stopping Changpeng Zhao - CEO of Binance, arguably the worldâ€™s largest and most popular cryptocurrency exchange - from touting $16,000 as a figure that will arrive “soon.”
Changpeng Zhao - $16,000 Is On Its Way
The prediction that stated BTC could potentially reach $16,000 by the end of October is known as the 4chan prophecy. Naturally, the prediction failed to enter reality. Bitcoin was improving, no doubt. The currency had spent the last 30 days traveling through the doldrums hitting the $8,100 mark following the dismal introduction of Bakkt. It later fell into the mid-$7,000 following the anticipation of Mark Zuckerbergâ€™s testimony before a Senate committee regarding Facebookâ€™s plans for Libra and the financial space.
However, Bakkt ultimately began to pick up, hitting the $2 million trading mark within weeks of its official debut. In addition, Chinese president Xi Jinping later announced that he would be pushing blockchain innovation within China, stating that the technology was important in helping Chinaâ€™s economy and infrastructure to recover.
But while bitcoin was certainly showing improvement, it only hit the $10,000 during the final weekend of October. From there, the currency began to slink back into the mid-$9,000 region and was experiencing trouble with present resistance levels. Thus, $16,000 was a bit much for bitcoin to hit so quickly.
Nevertheless, Zhao does believe that the number will not be hard to reach, and that bitcoin is likely to do so sooner than most of us are probably anticipating. Responding to a tweet issued by the Crypto Monk the acknowledges the failure of the 4chan prophecy, Zhao explained:
Lol, price predictions are easy. Itâ€™s just hard to be right about the timing. We will see $16K soon-ish. 1.4 billion people are working on it as we speak.
Whatâ€™s interesting is that all the previous predictions offered by “4chan” have proven correct. They first emerged online in January 2019 by an anonymous poster who claimed specific jumps and/or prices for bitcoin in the months of April and July of this year. Both came true, so many were waiting with bated breath and hoping that October wouldnâ€™t slow things down.
What Are the Specifics?
Zhaoâ€™s tweet is certainly positive, but it does raise a lot of new questions. What does he mean when he says “1.4 billion people” are working on it? Is he referring to a pump-and-dump scheme? Is he talking about Chinaâ€™s population, which will apparently pave the way for new blockchain schemes and startups?
Either way, bitcoin appears to be maintaining its present momentum, hovering at around $9,300 at press time.