Wall Street veteran Max Keiser has shared an extremely optimistic outlook for Bitcoin’s (BTC) near-term trajectory. In a recent post on X, the prominent Bitcoin propounder predicted that the Bitcoin price is headed to the ambitious $220,000 level.
Keiser’s prediction comes as the flagship crypto made another attempt on Friday to establish a strong foothold above $68,000.
Why Keiser Is Setting Sights On $220,000 BTC Price
Bitcoin is wowing the crypto community by surging above $68,000, but a prominent BTC advocate is anticipating much larger potential gains.
Max Keiser noted that Bitcoin could easily climb to a new lifetime high of $220,000 because of one chief reason: another safe-haven asset, gold, set a new historic high of $2,714 per ounce.
Bitcoin put in a record high above $73,700 back in March. BTC is presently trading for $68,846 per coin. While the premier crypto is up 17% from the October lows and seems poised to rechallenge the $70,000 mark, it remains around 6.8% below its current ATH.
Gold recorded its previous lifetime high in 2020 during the pandemic, when investors turned to the yellow metal to hedge against the governments’ quantitative easing spree.
Keiser argues that now that gold has recorded a new high, it is not absurd to expect Bitcoin to follow gold’s path in the near term. The pundit is convinced that BTC will swiftly hit $220,000, which he has been forecasting for years.
The new ATH Gold price is predicting Bitcoin will trade over $220,000 very soon.
— Max Keiser (@maxkeiser) October 18, 2024
BTC Price Set To Rise “Stupendously”
Apart from Max Keiser, other well-known names are firmly in favor of a sharp rise in the price of Bitcoin. In a recent blog post, BitMEX founder and former CEO Arthur Hayes, for instance, recently argued that the U.S. government’s financial response to the war in the Middle East would prompt money printing and spur the next Bitcoin bull run.
“We know that war is inflationary. We understand that the U.S. government must borrow money to sell bombs to Israel,” Hayes postulated. “We know that the Fed and the U.S. commercial banking system will buy this debt by printing money and growing their balance sheets. Therefore, we know that Bitcoin will rise stupendously in fiat terms as the war intensifies.”
Hayes stressed that global clashes, especially those involving the United States, often result in monetary expansion. He proposes that with more dollars flowing into the economy via government debt, Bitcoin — a decentralized asset — is primed to benefit as investors seek refuge from inflation.
Although the geopolitical backdrop remains uncertain, Hayes claimed that Bitcoin will flourish. He urged traders to avoid emotional judgments linked to political developments. “The best thing to do is to get yourself and your family out of harm’s way and then shepherd your capital into a vehicle that outperforms fiat debasement and maintains its energy-purchasing power.”
