- Analyst Max Keiser forecasted Bitcoin’s rise to $220,000 due to a supply-demand shock.
- Current data indicated rising short-term bearish pressure.
As a seasoned crypto investor with a few bear market cycles under my belt, I find myself intrigued by the contrasting views presented in the current Bitcoin market. On one hand, we have Max Keiser’s bullish forecast of Bitcoin reaching $220,000 due to a supply-demand shock. On the other hand, recent data indicates rising short-term bearish pressure.
In the midst of volatile market circumstances, Bitcoin’s [BTC] price stood at $61,512 as reported currently. This represented a minimal 1.4% drop in value from the previous day. However, Bitcoin still demonstrated a robust 6.8% growth over the past week.
As a researcher studying the cryptocurrency market, I’ve come across some notable challenges during this particular period. According to data from Coinglass, a staggering 61,419 traders were liquidated in just one day. This translates to a significant amount of $133.87 million in total liquidations.
As a crypto investor, I’ve come to expect the rollercoaster rides that come with this market. The volatility we’re seeing now serves as a reminder of its fragile nature, but it doesn’t deter me or other seasoned players from staying optimistic about its potential.
Max Keiser, a well-known Bitcoin supporter and ex-financial journalist, continues to express optimism about Bitcoin’s future prospects.
As an analyst, I’ve frequently expressed my conviction on my X account, formerly known as Twitter, that Bitcoin could potentially reach a price of $220,000 based on my analysis. This belief is not new to me and I have advocated for it consistently over the years.
In simpler terms, this new prediction is heavily influenced by a significant market trend pointed out by Keiser. It’s a situation where the demand for Bitcoin is surging while its supply is becoming scarcer – a “demand shortage meets supply shortage” scenario.
A deep dive into Bitcoin’s potential
As a crypto investor, I’ve been keeping an eye on the Bitcoin supply trend in cryptocurrency exchanges. Recently, I’ve noticed that these supplies are reaching unprecedented lows. This observation aligns with the perspective shared by X user Vivek, who believes it’s a clear indication of an approaching “supply crunch.”
As a researcher studying the Bitcoin market, I’ve observed an intriguing trend: the gradual contraction in supply and the simultaneous increase in demand. This dynamic is the foundation for Keiser’s prediction of a “God candle” event – a significant price surge that could potentially propel Bitcoin to unprecedented heights, reaching the $220,000 mark.
Bitcoin’s price prediction of significant increases by Keiser is nothing new. It seems that every time a catalyst emerges, Keiser, a well-known Bitcoin supporter, anticipates reaching this price level for the cryptocurrency.
Despite this, taking a closer look at Bitcoin’s daily chart reveals that the cryptocurrency has been gradually weakening its structural framework over the past few months. Consequently, there has been an increase in liquidity as each structural breakdown occurs.
Lately, Bitcoin has spiked up to claim this abundance of funds at the peak, implying a possible extension of its slump in the future, suggesting a bearish outlook.
Market data echoes bearish sentiments
As a crypto investor keeping a close eye on market trends, I’ve noticed some concerning signs based on recent data from Glassnode. The number of active Bitcoin addresses has been decreasing, and the momentum of new addresses coming online has slowed down significantly. These indicators support my bearish outlook for the near term.
The market indicators suggested a possible waning of optimism for a swift rebound, potentially resulting in a downturn in these crucial sectors.
Read Bitcoin’s [BTC] Price Prediction 2024-25
According to AMBCrypto’s latest report, the recent market downturn has caused a reduction in the amount of Bitcoin being held for profitable gains, potentially dampening investors’ trust.
The market’s hesitation towards a bullish reversal is evident in this current trend, contradicting the bullish outlook expressed by personalities such as Keiser.
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2024-05-09 19:35