After a turbulent year that saw over $2 trillion in value wiped out, the cryptocurrency market is showing signs of life once again. Bitcoin, the world’s largest cryptocurrency, is leading the charge with a remarkable 6% surge in just one day, smashing through the $30,000 barrier.
One man who’s been calling the shots for some time now is Max Keiser, a crypto podcaster and pro-Bitcoin advocate who’s boldly predicted that the cryptocurrency is headed for a sky-high $220,000 price point.
Keep reading to discover the factors driving Bitcoin’s resurgence and why Keiser’s prediction is gaining traction.
What will Drive BTC to $220,000?
According to Keiser, the $220,000 price point for Bitcoin will come in a ‘flash’- an optimistic forecast that he has narrated numerous times in the past year. His prediction is based on a number of factors, including the growing number of investors who are turning to Bitcoin as a store of value amidst economic uncertainty.
Recent data from CoinShares suggests that investors are flocking to Bitcoin, with crypto investment seeing inflows of $57 million last week, most of which went to Bitcoin. The report indicated that this puts digital asset flows back into the positive for the year.
Another factor contributing to Bitcoin’s steady increase since January is its decoupling from the equities market, with the cryptocurrency showing a stronger correlation with gold, a traditional safe-haven asset, during times of economic uncertainty.
Rising Investor Confidence
Keiser’s bullish outlook is supported by Bitcoin’s recent breakout from a symmetrical triangle pattern, which usually signals an upward trend. Financial expert James Butterfill, who works at CoinShares, notes that crossing $30,000 is a major milestone for Bitcoin since this price point has provided significant resistance in previous months. This shift indicates that Bitcoin is gaining ground among investors again after a difficult year.
Interestingly, at $30,125, Bitcoin was up 6.49% from its intraday high of $30,430. Since March, it has climbed by 6%.
Moreover, the anticipation of Wednesday’s U.S. inflation report has also increased interest in Bitcoin and other cryptocurrencies as an alternative investment, as many expect the Federal Reserve to pause its relentless monetary tightening after March’s banking sector turbulence.
Overall, Max Keiser’s $220k Bitcoin prediction continues to gain traction as the cryptocurrency market surges. With more investors seeing the value of Bitcoin as a store of value during economic uncertainty, and signs of positive growth in the digital asset flows, it’s an exciting time for Bitcoin investors.
Source: https://coinpedia.org/bitcoin/max-keisers-bold-prediction-bitcoin-price-to-hit-220k/