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Bitcoin (BTC) on Fun Ride to $220,000, Max Keiser Reaffirms Prediction

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Tue, 11/04/2023 - 14:38
Bitcoin (BTC) on Fun Ride to $220,000, Max Keiser Reaffirms Prediction
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Bitcoin broke the $30,000 barrier for the first time since June last year, and Max Keiser, a pro-Bitcoin advocate and crypto podcaster, says the lead cryptocurrency is on a fun ride to $220,000.

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This would not be the first time the Bitcoin proponent would speak along the lines of a $220,000 forecast of Bitcoin's price. In the past year, on numerous occasions, he expressed this optimism, and now this year it continues. As reported, Keiser predicted that the $220,000 price forecast for Bitcoin would come in a flash.

The biggest cryptocurrency by market capitalization, Bitcoin, broke the crucial $30,000 mark for the first time in 10 months on Tuesday as investors increased their bets that the U.S. Federal Reserve will soon halt its aggressive monetary tightening campaign. This move added to the cryptocurrency's steady increase since January. Currently, the largest cryptocurrency by market cap is up 86% year to date.

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Investors' influx into Bitcoin after the banking turmoil might have contributed to this positive narrative.

Despite the low volume, crypto investment products had inflows of $57 million last week, with the majority of the funds going to Bitcoin, according to digital asset manager CoinShares. The report indicated that this puts digital asset flows back into the positive for the year.

Bitcoin, at the time of writing, was up 6.49% to $30,125, having reached intraday highs of $30,430. It has risen by roughly 6% since the beginning of the month after rising by 23% in March.

As a result of the banking sector turmoil in March, investors are anticipating the release of the U.S. inflation report on Wednesday to determine the Federal Reserve's next course of action.

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