As the bitcoin price sputters in recent days, crypto bulls are stepping in to pump the market up.
Outspoken bitcoin permabull Max Keiser has reiterated his exuberant $220,000 bitcoin price target. Keiser is well-known for his bullish and sometimes outrageous predictions. The bitcoin maximalist has mentioned the six-figure target multiple times in the past year and now this year.
How Realistic Is Keiser’s $220K BTC Price Forecast?
Max Keiser is once again doubling down on his own jaw-dropping $220,000 estimate.
In a March 21 tweet, Keiser said $220K would “come in a flash” and then the real bull market would commence. Keiser was responding to a tweet noting that U.S. officials are “making the perfect environment for bitcoin to go parabolic”, referring to reports that the Federal Reserve and the Treasury will need $17 trillion to guarantee all bank deposits should the current banking crisis deepen.
Keiser’s forecast is a sign of bullishness in the crypto market after the industry faced harsh sledging as the crypto bear market set in last year, a time when prices plunged, and multiple crypto-focused firms went under.
A Mega Breakout In The Cards
Bitcoin has surged stupendously this week, up 37% since March 11. All this has happened amid bank runs and uncertainty on whether the FED will raise interest rates. Some have argued that this is a vindication of bitcoin’s safe haven thesis.
That being said, Keiser is not the only crypto bull who contends that bitcoin has more headroom. On Sunday, ex-Coinbase CTO Balaji Srinivasan predicted that bitcoin would soar to $1 million in less than 90 days due to hyperinflation in the United States.
With Bitcoin having breached the $28,000 mark recently for the first time in 9 months, it means that if Balaji’s prediction comes to pass, by June 17, the dominant cryptocurrency will have attained another historical high.