Max Keiser Names Obstacle That May Slow Bitcoin Price Down Now

Tue, 09/05/2023 - 15:09
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Vocal Bitcoin supporter, crypto podcaster and former trader Max Keiser believes there are a few things that are creating a small headwind for Bitcoin right now and shared them with the crypto community in his recent X post.

New small headwind for Bitcoin, per Keiser

Commenting on a recent post of German economics expert Holger Zschaepitz about Brent oil hitting $90 per barrel for the first time since November, Keiser tweeted that growing oil prices and higher interest deposit USD accounts are attracting investors now and therefore are making “a small headwind for Bitcoin”.

Per the X post of Zschaepitz, the leap in the oil price took place after Saudi Arabia announced it would continue to reduce oil production by another three months.

A week ago, Bitcoin gained a staggering 7.88% within one hour after the news spread about Grayscale beating the SEC regulator in court regarding the conversion of its Bitcoin Trust into a spot ETF. The flagship digital currency then soared from the $26,000 zone and managed to top the $28,000 level.

That did not last long, however, and within the upcoming week, the price gradually went down to the $25,400 zone. At the time of writing this article, BTC is changing hands at $25,688 per coin.

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Approaching Bitcoin halving in 2024

Next year, roughly in April-May, the next scheduled Bitcoin halving is to take place when BTC miners rewards will be cut by half, which will reduce the injection of Bitcoin into the market. Traditionally, market players and traders expect the BTC price to rise after halvings. The previous one took place in 2020, and in October 2021, Bitcoin reached an all-time high of $69,000.

However, many believe the likely reason for that price jump was the enormous amount of extra cash printed by the US Fed Reserve and other central banks around the world since March 2020 due to the pandemic and lockdowns.