Analyst Max Keiser Predicts Bitcoin Price To Hit $220,000 Soon

• Max Keiser predicted Bitcoin’s price would hit $220,000 very soon.
• Bitwise CIO Matt Hougan also supports the bullish outlook.
• Analyst Justin Bennett warns of a potential pullback. 

Bitcoin’s price surged above $68,000 on Friday. This rally has sparked a debate among various crypto analysts on social media. Some crypto experts are signaling a bullish breakout for BTC in the future, while others hint at a pullback. 

Recently, well-known Bitcoin maximalist Max Keiser has hinted at the possibility of this token hitting the six-figure mark per coin. Keiser said that Bitcoin’s price would reach $220,000 very soon in a recent post on X (formerly Twitter).

Then, analyst Justin Bennett hinted at a bearish trend for Bitcoin’s price. He has warned leveraged traders of potential risks. 

Analyst Max Keiser On Potential Bitcoin Bullish Breakout

Renowned Bitcoin maximalist Max Keiser shared a post on X regarding the potential bullish breakout for BTC. He predicted that Bitcoin has the potential to skyrocket to $220,000. 

https://twitter.com/maxkeiser/status/1847231965985935455

He is considering gold’s influence on Bitcoin. Both Bitcoin and gold are highly correlated assets. Investors often turn to these assets to preserve value when fiat currencies are perceived as unstable.

Keiser said that gold hitting an ATH of $2,722.54 per ounce could also fuel the BTC’s rally. Earlier, Bitcoin’s ATH has historically preceded substantial rallies in gold. Bitcoin needs to rally more than triple from the recent price level to hit Keiser’s target. 

As of this writing, Bitcoin’s price was $68,431.89, a 0.14% increase in the last 24 hours. Currently, it has a market cap of $1,352,917,301,026. 

Another Analyst Supporting Bitcoin’s Potential Bullish Breakout 

Bitwise CIO Matt Hougan has made some predictions for the future of Bitcoin after its price hit above $68K. He has shown optimism that BTC will reach the six-figure mark per coin. 

Hougan talked about the factors contributing to the bullish sentiment of Bitcoin in his recent X post. He has clarified that a BTC rally is possible due to institutional interest, on-chain factors, and macroeconomics. 

We're heading to six-figure bitcoin.

* ETF flows reaccelerating
* Election approaching
* Infinite deficits (bipartisan agreement!)
* Economic stimulus in China
* Global rate cuts (Fed, ECB)
* Halving supply shock starting to bite
* Whales accumulating

— Matt Hougan (@Matt_Hougan) October 18, 2024

Many experts see the November US presidential election as another catalyst in Bitcoin’s price rally. Also, the regulations surrounding BTC add to the possibility of a rally. 

BlackRock filed for ETF recently, and the world witnessed the US SEC approve Bitcoin options on Friday, October 18, 2024. These developments increase the adoption of BTC.

Analyst Justin Bennett On Potential Bitcoin Pullback 

Other crypto analysts are on the other side by hinting at a potential pullback for Bitcoin. Crypto analyst Justin Bennett has warned crypto investors of a possible bearish trend in BTC’s price. 

According to Bennett, the perpetual market mainly fueled the recent rally. The rally may not maintain a lasting breakout, especially with open interest nearing previous highs.

He has suggested a possible retrace for BTC to around $63,000. Bennett’s statements signal a bearish rising wedge pattern. He has said that BTC can hit the new high only after correction when the price drops after a significant surge. 

Disclaimer

This article is for informational purposes only. Crypto investment involves inherent risks due to the volatility in price. Readers should conduct their own research before making any investment decision. Also, you can consult a crypto expert before investing in cryptocurrencies.