Renowned Bitcoin maximalist Max Kaiser has doubled down on his bet on Bitcoin price in a recent bullish prediction posted on X (formerly Twitter). According to this prediction, Bitcoin will soar to $220,000, and gold will play a key role in this move. Keizer’s optimistic call came as BTC hit the $69,000 level on Friday.
Max Kaiser's $220,000 Bitcoin price bet
Max Keizer's love for BTC explains his optimism for his recent Bitcoin price prediction of $220,000. The recent tweet also takes into account the influence of gold on Bitcoin, which makes sense considering the high correlation between Bitcoin and gold.
New ATH Gold price predicts Bitcoin will soon trade above $220,000.
— Max Keiser (@maxkeiser) October 18, 2024
He predicts that gold's new all-time high of $2,722.54 an ounce as of October 19 could also fuel the rally in the biggest crypto asset. This optimism makes sense considering that Bitcoin's ATH has historically preceded gold's significant rallies.
This prediction is not Kaiser's first rodeo; he has been predicting BTC's future since 2013. In 2014, Kaiser predicted that “Bitcoin will replace fiat currency,” and during the 2017 bull market, Kaiser predicted BTC prices would reach $5,000.
Looking at year-to-date performance, Bitcoin is up 61%. More interestingly, BTC has surged 40% in the past 75 days.
Although the forecast is optimistic, BTC would need to more than triple from its current level of $69,000 to reach Kaiser’s goal. Will Bitcoin price reach $220,000?
Will Bitcoin reach $220,000?
Here are three reasons why Bitcoin price is likely to reach $220,000 this cycle.
- Clear regulations surrounding Bitcoin: Regulations surrounding Bitcoin have become clear as BlackRock has applied for an ETF. Additionally, the US SEC also approved Bitcoin options on Friday, October 18, 2024. All of these developments will only increase the adoption of BTC, making it fundamentally stronger and poised to rise further.
- Favorable macroeconomic conditions: The Federal Reserve's dovish turn, marked by lower interest rates and reining in inflation, only adds to Kaiser's predictions. The shift in monetary policy from quantitative tightening to easing has a bullish impact on risk-on assets like Bitcoin. Mr. Kaiser's prediction may seem far-fetched, but it seems likely that it will come true if the Fed continues on this path.
- Breakout from 7 months of integration: Over the past seven months, BTC has settled into a downtrend structure. However, Bitcoin's recent rise to $69,000 confirms the return of the bull market and the possibility of a bull market beginning.
Expert Echo Max Keiser’s optimistic BTC price prediction
Below are expert predictions that support Max Kaiser's prediction that Bitcoin will reach $200,000.
- Renowned trader Peter Brandt predicts that Bitcoin will reach between $120,000 and $200,000 by September 2025. Following Bitcoin's strong performance, he revised his forecast to a higher target.
- Venture capitalist Chamath Palihapitiya predicts that Bitcoin will reach $500,000 by October 2025 and $1 million between 2040 and 2042. He sees Bitcoin as a potential global reserve currency with unique attributes.
- Julian Timmer, director of global macro at Fidelity, expects Bitcoin to reach $1 billion by 2038 to 2040.
As the cryptocurrency landscape evolves, Kaiser's $220,000 prediction will likely receive more attention. Will Bitcoin deliver another unprecedented surge or face rejection at $70,000? Only time will tell.
Frequently asked questions (FAQ)
Max Kaiser expects Bitcoin to soar to $220,000 due to the influence of gold and favorable macroeconomic conditions.
Kaiser expects gold to reach new all-time highs and its high correlation will fuel Bitcoin's rally.
Clear regulations, favorable macroeconomic conditions, and Bitcoin coming out of seven months of consolidation support Kaiser's prediction.
akash girimas
Akash Girimath is an engineer by training with a deep interest in the intricacies of the crypto market. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to prominent platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role includes providing insightful market analysis and keeping readers informed about the latest trends in the world of cryptocurrencies. Follow him on Youtube , X and LINKedIn
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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