- Bitcoin achieved a new yearly high of $42,108 on Monday, surpassing expectations.
- Excessive bullish trends in cryptocurrencies like Ether, Cardano, XRP, Shiba Inu, Solana also reaffirmed Bitcoin’s resilience in the financial landscape.
- Bitcoin advocate Max Keiser, known for his bullish stance on Bitcoin, has made a near all-time high (ATH) level prediction for BTC.
Bitcoin, the largest cryptocurrency, reached the level of 42K dollars as we started the week: Max Keizer announced his BTC prediction!
Bitcoin, Starting the Week at $42,000: Max Keiser Reveals BTC Prediction!
Bitcoin, the largest cryptocurrency by market value, reached a new yearly high of $42,108 on Monday, surpassing expectations. This rise, with a 6.89% increase to $41,595 in the last 24 hours, firmly placed Bitcoin at a level not seen since April 2022.
This surge in Bitcoin’s value has been part of a striking performance in the crypto world throughout 2023, reflecting a period where cryptocurrencies more than doubled in value, increasing over 134% from the turbulent period of 2022.
This recovery outpaced traditional investments such as stocks and gold, and the excessive bullish trends in cryptocurrencies like Ether, Cardano, XRP, Shiba Inu, Solana reaffirmed Bitcoin’s resilience in the financial landscape.
The recent surge caught the attention of prominent figures in the crypto space, leading to speculation, especially from Bitcoin advocate Max Keiser. Keiser, who is known for his bullish stance on Bitcoin, projected a substantial increase to a near all-time high (ATH) level, predicting $220,000 for BTC.
In his latest tweet on X (formerly known as Twitter), Keiser reiterated his confidence in Bitcoin’s potential by stating, “New ATH for BTC at this pulse, $220,000!” The process of reaching the previous ATH of over $69,000 in November 2021 was shaped by a series of industry bankruptcies and macroeconomic concerns triggered by a subsequent 64% decline. However, the current price reflects a 42.69% decrease from the previous peak.
Keiser’s bold prediction resonates with Galaxy Digital CEO Mike Novogratz, who expects Bitcoin to reach its former highs with the potential approval of a Bitcoin ETF. According to COINOTAG, Novogratz sees the anticipated entry of billions of dollars with the start of ETF trading as aligned with the increasing institutional appetite for crypto assets.
Institutional Capital Turning Towards Crypto
The renewed interest of institutional investors in major cryptocurrencies like Ether, XRP, Solana, Cardano, Shiba Inu has been reflected in significant inflows into institutional-grade crypto asset funds. CoinShares reported that weekly inflows reached their highest level since late 2021, surging to a record level of $346 million throughout the week and pushing total assets to $45.3 billion.
While the crypto market aims for the short-term target of $50,000, December historically stands as a mixed month for Bitcoin. However, the revival of institutional investment and bullish trends from influential figures like Keiser and Novogratz are leading to high expectations and optimistic projections for cryptocurrencies.
