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Bitcoin, the largest cryptocurrency by market capitalization, surpassed the $39,000 mark in Saturday trading, reaching new yearly highs of $39,753 around where it currently trades.
Bitcoin (BTC) was up 1.89% in the last 24 hours to $39,459, a level it last traded at in April 2022, at the time of writing.
Bitcoin has more than doubled in price in 2023, rebounding over 134% from the crypto rout of 2022, outperforming investments such as stocks and gold.
Against this backdrop, Bitcoin proponent Max Keiser predicts an all-time high (ATH) coming in for Bitcoin. "New ATH for BTC on this pulse, $220,000 in play," Keiser stated in a tweet.
Bitcoin peaked at over $69,000 in November 2021 before plummeting 64% the following year due to a string of bankruptcies in the crypto industry and macroeconomic concerns.
At its present price, Bitcoin is currently down 42.69% from this high, and its profitability has soared to 80%, the highest value since December 2021, per IntoTheBlock.
Tomiwabold OlajideThe expectation voiced by Bitcoin bull Max Keiser is also similar to that of Galaxy Digital CEO Mike Novogratz, who predicted that Bitcoin might reach its old highs of $69,000 with ETF approval.
Novogratz predicts that billions of dollars will pour into the ETF industry within the first year, if not more, once the Bitcoin ETF begins trading.
Eyes on $40,000 Bitcoin price in short-term
Currently, all eyes are on where Bitcoin will trend next in the short term, with a target price of $40,000. December has historically been a mixed month for Bitcoin.
According to CoinGlass data, Bitcoin rose only in 2020 over the previous five years, but the magnitude of the rise (46.92%) was significant. With the current rally, bulls may attempt to replicate the performance this season.
According to Bloomberg, the pattern of positions in the Bitcoin options market hints at a trading range of $37,000 to $40,000 in December.
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin