Elon Musk Has Issued A Surprise 2023 Bitcoin And Dogecoin Prediction After Huge FTX Crypto Price Crash

Bitcoin
BTC
and cryptocurrency prices have been sent to lows not seen since late 2020 by the sudden collapse of major crypto exchange FTX—and JPMorgan thinks it could be about to get even worse.

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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.”

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“[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.

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Dogecoin
DOGE
, a cryptocurrency similar to bitcoin, has seen its price increase at an even faster pace than bitcoin itself in recent years as Musk led an army of retail traders, social media influencers and tech investors in supporting it.

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.