Tomiwabold Olajide
Max Keizer predicts a new high as the price of Bitcoin (BTC) nears $40,000
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Bitcoin, the largest cryptocurrency by market capitalization, passed the $39,000 mark in Saturday trading and reached a new annual high of $39,753, around current price levels.
Bitcoin (BTC) is up 1.89% in the last 24 hours to $39,459, a level at which it last traded in April 2022 at the time of writing.
Bitcoin's price more than doubled in 2023 and rebounded from the crypto rout in 2022 by over 134%, outperforming assets like stocks and gold.
With this in mind, Bitcoin proponent Max Keizer predicts an all-time high (ATH) for Bitcoin. “New ATH for BTC right now, $220,000 in play,” Keizer explained in a tweet.
Bitcoin peaked at over $69,000 in November 2021 before plunging 64% the following year due to a series of crypto industry bankruptcies and macroeconomic concerns.
According to IntoTheBlock, at the current price, Bitcoin is currently down 42.69% from that peak and its profitability has increased to 80%, its highest since December 2021.
The expectation expressed by Bitcoin bull Max Keizer is also similar to that of Galaxy Digital CEO Mike Novogratz, who predicted that with ETF approval, Bitcoin could reach its old highs of $69,000.
Novogratz predicts that billions of dollars will flow into the ETF industry within the first year, if not more, once the Bitcoin ETF begins trading.
In the short term, the Bitcoin price is at $40,000
All eyes are currently on Bitcoin's near-term performance, with a price target of $40,000. December has historically been a mixed month for Bitcoin.
According to CoinGlass data, over the past five years, Bitcoin only rose in 2020, but the magnitude of the increase (46.92%) was significant. Given the current rally, the Bulls could look to repeat this season's performance.
According to Bloomberg, the positioning pattern in the Bitcoin options market suggests a trading range of $37,000 to $40,000 in December.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducts comprehensive price analysis, and shares predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.
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