Yuri Molkhan
The prominent Bitcoin OG shares this view of what is currently causing headwinds for Bitcoin
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- New minor headwind for Bitcoin, according to Keizer
- Bitcoin halving is coming up in 2024
Outspoken bitcoin supporter, crypto podcaster, and former trader Max Keizer believes there are a few things that are giving bitcoin a bit of a headwind right now, and shared them with the crypto community in his recent X post.
New minor headwind for Bitcoin, according to Keizer
Commenting on a recent post by German economist Holger Zschäepitz that Brent oil had hit $90 a barrel for the first time since November, Keizer tweeted that rising oil prices and higher-yielding US dollar deposits are now attracting investors and therefore “represent a slight headwind for the US bitcoin”.
According to Zschäepitz’s X post, the jump in oil prices came after Saudi Arabia announced it would cut oil production further for another three months.
A week ago, Bitcoin gained a whopping 7.88% in an hour after it was revealed that Grayscale had beaten the SEC regulator in court over converting its Bitcoin Trust into a spot ETF. The flagship digital currency then surged from the $26,000 zone and managed to break through the $28,000 mark.
However, this did not last long and within the coming week the price gradually declined to the $25,400 zone. At the time of writing, BTC is changing hands at $25,688 per coin.
Bitcoin halving is coming up in 2024
Next year, around April-May, the next scheduled Bitcoin halving is scheduled to take place, during which BTC miners’ rewards will be cut in half, which will reduce the supply of Bitcoin to the market. Traditionally, market participants and traders expect BTC price to rise after the halving. The previous one took place in 2020 and in October 2021 Bitcoin reached an all-time high of $69,000.
However, many believe that the likely reason for this price increase was the massive amount of additional cash pumped in by the US Federal Reserve and other central banks around the world since March 2020 due to the pandemic and lockdowns.
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