Dogecoin Founder: How High Bitcoin Will Soar While SBF Does His Jail Time?

One of the two founders of the popular meme cryptocurrency Dogecoin, Billy Markus, a crypto influencer with 2.1 million followers on the Twitter/X social media platform, has published a tweet about Bitcoin price and founder (former CEO) of the FTX cryptocurrency exchange.

Sam Bankman-Fried, widely known within the cryptocurrency community by his initials – SBF – has been sentenced to spending decades in prison for defrauding FTX investors and customers. He will be doing a 25-year term in prison.

DOGE founder ponders on where BTC will go after SBF is free again

In his court statement, the former FTX billionaire expressed a deep regret about his actions that led to FTX investors’ and customers’ massive financial losses. His legal defence team managed to cut down the prison term of 50 years demanded by the prosecution initially, using the SBF’s status of the non-violent offender for whom it was the first criminal offence. Still, the judge stood firm on 25 years in prison for him, stating that there is a big risk that in the future SBF may conduct something worse that this.

Many within the crypto community on the crypto Twitter/X posted memes on Thursday, anticipating the legal punishment coming to SBF. In his tweet, Billy Markus asked his followers as to where the Bitcoin price would be after Bankman-Fried walks out of prison in 25 years.

what do you think will be the price of bitcoin when SBF gets out of prison, 25 years from now? pic.twitter.com/wCKS4TLept

— Shibetoshi Nakamoto (@BillyM2k) March 28, 2024

He received numerous replies, mostly joking ones, but some commentators sarcastically said that Bitcoin might be worth many million US dollars by then but it will be useless because dollars may become worthless by then.

Bitcoin forms H&S pattern

In a recent Twitter/X post, cryptocurrency trader and analyst Ali Martinez shared a screenshot of a Bitcoin chart, which shows that the world’s flagship cryptocurrency has formed a Head and Shoulders pattern on a 30-minute BTC chart. This formation typically predicts a reversal from a bullish to a bearish price trend.

However, Martinez says that if Bitcoin manages to hold above the 200 EMA level and break above the neckline resistance at the $71,580 level, the market could see Bitcoin potentially soaring by 4.44% and rising to $74,760.

#Bitcoin shows a head-and-shoulders formation on the 30-minute chart. Should $BTC maintain its position above the 200EMA and surpass the neckline resistance at $71,580, we could anticipate a potential increase of 4.44%, targeting a price of $74,760. pic.twitter.com/6oTGhyDSzn

— Ali (@ali_charts) March 29, 2024

At the time of this writing, Bitcoin is changing hands at $70,131, according to the CoinMarketCap data.