Max Keiser, a renowned Bitcoin maximalist, doubled down on his Bitcoin price bet with a recent bullish forecast posted to X (formerly Twitter). According to this prediction, Bitcoin will skyrocket to $220,000, and gold will play a crucial role in this move. This optimistic call from Keiser comes as BTC tagged the $69,000 level on Friday.
Max Keiser’s $220,000 Bitcoin Price Bet
Max Keiser’s love for BTC explains his optimism around his recent Bitcoin price prediction of $220,000. The recent tweet also considers gold’s influence on Bitcoin, which makes sens considering the high correlation between Bitcoin and gold.
The new ATH Gold price is predicting Bitcoin will trade over $220,000 very soon.
— Max Keiser (@maxkeiser) October 18, 2024
He expects gold hitting a new all-time high of $2,722.54 per ounce as of October 19 could fuel the largest crypto asset’s rally as well. This optimism makes sense, considering Bitcoin’s ATH has historically preceded substantial rallies in gold.
BTC vs. Gold Correlation
This prediction is not Keiser’s first rodeo, he has been forecasting BTC’s future since 2013. In 2014, it was “Bitcoin will replace fiat currencies,” and during the 2017 bull run, Keiser expected BTC price to hit $5,000.
The year-to-date performance shows Bitcoin is up 61%. To make things more interesting, BTC has shot up by 40% in the past 75 days.
BTC Price Year-to-Date Performance
While the prediction is optimistic, BTC needs to rally more than triple from the current level of $69K to hit Keiser’s target. Will Bitcoin price hit $220,000?
Will Bitcoin Hit $220,000?
Here are three reasons why it is likely for Bitcoin price to hit $220,000 this cycle.
Clear regulation surrounding Bitcoin: The regulation surrounding Bitcoin has become clear after BlackRock filed for ETF. Moreover, the US SEC also approved Bitcoin options on Friday, October 18, 2024. All of these developments only increase the adoption of BTC, making it fundamentally strong and ready to push higher. Favorable macroeconomic conditions: The US Federal Reserve’s dovish pivot, marked by interest rate cuts and cooling inflation only adds fuel to Keiser’s forecast. The shift in monetary policy from quantitative tightening to easing has a bullish effect on risk-on assets like Bitcoin. Although Keiser’s prediction may seem far-fetched, it does seem likely if the Fed continues on this path. Breakout from seven-month consolidation: The past seven months have seen BTC consolidate in a downtrending structure. But BTC’s recent uptick to $69,000 supports the resurgence of bulls and a potential start to the bull run.
Experts Echo Max Keiser’s Optimistic BTC Price Prediction
Here are some expert predictions that support Max Keiser’s forecast of Bitcoin reaching $200,000:
Renowned trader Peter Brandt predicts Bitcoin will reach $120,000 to $200,000 by September 2025. He revised his forecast with a higher target after Bitcoin’s strong performance. Venture capitalist Chamath Palihapitiya forecasts that Bitcoin will hit $500,000 by October 2025 and $1 million by 2040-2042. He views Bitcoin as a potential global reserve currency with unique attributes. Fidelity’s Director of Global Macro, Jurrien Timmer, anticipates Bitcoin to hit $1 billion by 2038-2040.
As the cryptocurrency landscape evolves, Keiser’s $220,000 forecast will be closely watched. Will Bitcoin deliver another unprecedented surge or face rejection at $70,000? Only time will tell.
The post Why Max Keiser Predicts Bitcoin Price Will Hit $220,000 Soon appeared first on CoinGape.
