Anticipating the Bitcoin ‘God Candle’: Could BTC Skyrocket to $220K?

• Despite bearish market trends, Bitcoin advocate Max Keiser predicts a significant rise in Bitcoin’s value, potentially reaching $220,000.
• Keiser’s prediction is based on a supply-demand shock, with Bitcoin’s supply on exchanges hitting all-time lows.
• However, market data reveals a decline in active Bitcoin addresses and a slowdown in new address momentum, suggesting bearish pressure ahead.

Max Keiser, a prominent Bitcoin advocate, predicts a potential surge in Bitcoin’s value to $220,000, despite current bearish market trends. This prediction is based on a supply-demand shock, with Bitcoin’s supply on exchanges hitting all-time lows.

Keiser’s Bullish Bitcoin Prediction

Max Keiser, a former financial journalist and vocal Bitcoin advocate, has reiterated his bullish stance on Bitcoin’s future. Keiser believes that Bitcoin could soar to the $220,000 mark, a prediction he has consistently made over the years. This latest forecast is driven by what Keiser identifies as a crucial dynamic in the market: a “demand shock meets supply shock” scenario, indicating a tightening of Bitcoin’s supply at a time of increasing demand.

Bitcoin’s Supply-Demand Shock

Keiser points to the decreasing Bitcoin supply on cryptocurrency exchanges, which are hitting all-time lows, signaling a “supply shortage incoming.” This supply contraction, paired with growing demand, forms the basis for Keiser’s prediction of a ‘God candle’ on Bitcoin charts — a dramatic price surge that could potentially elevate Bitcoin to the $220,000 level.

Bearish Market Trends

Despite Keiser’s optimistic prediction, current market data suggests a bearish outlook. A closer examination of Bitcoin’s daily chart shows the asset gradually breaking structure to the downside over recent months, leading to liquidity accumulation at each structural break. Additionally, data from Glassnode reveals a decline in the number of active Bitcoin addresses and a slowdown in new address momentum, suggesting bearish pressure ahead.

Conclusion

While Keiser’s prediction of a significant rise in Bitcoin’s value is based on a supply-demand shock, current market trends suggest a bearish outlook. As Bitcoin’s supply on exchanges hits all-time lows and demand continues to grow, the market could potentially see a dramatic price surge. However, the decline in active Bitcoin addresses and slowdown in new address momentum may indicate bearish pressure ahead. As always, investors should exercise caution and conduct thorough research before making investment decisions.