, the world’s largest cryptocurrency by market value, surpassed $42,000 for the first time since the severe digital asset crash in May 2022 on December 4.
- Since then, the rising crypto has made a remarkable comeback: at the beginning of this year, its price was not much over $17,000.
- With Bitcoin surpassing the $42,000 threshold on Monday for the first time since April 2022, the probability of BTC continuing its rise by the end of the year strengthened.
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Bitcoin price, with the momentum gained by surpassing $41,000 on Monday, managed to exceed the $42,000 level: Keiser is predicting the peak of BTC!
Bitcoin Price Reaches $42,000
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Bitcoin, the world’s largest cryptocurrency by market value, surpassed $42,000 for the first time since the severe digital asset crash in May 2022 on December 4, initiating a crypto winter that lasted for many months.
Since then, the rising crypto has made a remarkable comeback: at the beginning of this year, its price was not much over $17,000, and currently, it has risen by over 130% since the beginning of the year. Against this backdrop, well-known Bitcoin bull Max Keiser is predicting a new all-time high for BTC.
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With Bitcoin surpassing the $42,000 threshold on Monday for the first time since April 2022, the probability of BTC continuing its rise by the end of the year strengthened. According to the data at the time of writing, BTC was $42,086 per coin, rising by over 5% in the last 24 hours.
The possible positive effects of an upcoming approval of a spot Bitcoin exchange-traded fund (ETF) and recent statements by Federal Reserve Chairman Jerome Powell are leading the bull market movement. Powell, in a planned speech at Spelman College in Atlanta, Georgia, stated, “The FOMC is determined to bring inflation down to 2% over time and to keep policy restrictive until this goal is reached.”
Investors seem optimistic about investing in Bitcoin, hoping that the US Securities and Exchange Commission (SEC) will finally approve a spot BTC ETF after a decade of waiting. A variety of leading Wall Street firms, including BlackRock, VanEck, Franklin Templeton, and Fidelity, are ready to launch such spot-based ETFs.
Max Keiser’s Bitcoin prediction
In a bullish market environment, Max Keiser, serving as a senior Bitcoin advisor to El Salvador President Nayib Bukele, believes that Bitcoin is on its way to a new historical peak. Two years ago, on November 10, 2021, Bitcoin set an all-time high price of $69,044, followed by a 65% drop in the next year due to a series of bankruptcies in the crypto sector and downward-trending macroeconomic forces. BTC is currently 42.44% lower than this 2021 peak. According to Keiser, the next peak in Bitcoin will be $220,000.
Considering $42,000, Max Keiser is not the only market participant optimistic about the future of the leading cryptocurrency. As previously reported by COINOTAG, Galaxy Digital CEO Mike Novogratz predicted that BTC could reach its former November 2021 peaks after an ETF approval. Novogratz is confident that billions, if not more, will flow into the ETF sector within the first year after the launch of a Bitcoin ETF. Bloomberg analysts expect the SEC to approve a spot Bitcoin ETF by January 10, 2024 – a potentially game-changing moment for the digital asset industry.