- Analyst Max Kaiser predicted that the supply and demand shock would cause Bitcoin to rise to $220,000.
- Current data indicates an increase in near-term bearish pressure.
Bitcoin amid fluctuating market conditions [BTC] At the time of writing, the stock was trading at $61,512, down 1.4% in the past 24 hours, but still up 6.8% over the week.
According to data from Coinglass, this period was not without its challenges. revealed In the past day alone, 61,419 traders were liquidated for a total liquidation amount of $133.87 million.
The volatility highlights the fragility of the market, but it hasn’t dampened the spirits of some industry heavyweights.
Source: Coinglass
One prominent speaker, Max Kaiser, a vocal supporter of Bitcoin and a former financial journalist, has reiterated his bullish stance on the future of Bitcoin.
On his X (formerly Twitter) account, Kaiser shared his belief that Bitcoin could soar to the $220,000 level, a prediction he has consistently maintained over the years.
This latest forecast is based on what Kaiser has identified as a key market dynamic: a “demand shock meets supply shock” scenario in which Bitcoin supply is tight as demand increases. is promoted by
Digging deep into the potential of Bitcoin
Kaiser pointed As X user Vivek said, the supply of Bitcoin on virtual currency exchanges is decreasing, the Bitcoin supply is at an all-time low, and “a shortage is coming.” He says that this suggests that.
Source: Vivek/X
This shrinking supply and increasing demand is the basis for predicting a “God’s candle” on Kaiser’s Bitcoin chart, a dramatic price spike that could take Bitcoin to the $220,000 level. There is.
This is not the first time Kaiser has predicted such a high price for Bitcoin. So far, Bitcoin supporters seem to continue to predict the asset’s price mark on every visible trigger.
In any case, a closer look at Bitcoin’s daily chart shows that Bitcoin’s structure has been gradually breaking downwards over the past few months, with liquidity accumulating with each structure break.
Recently, Bitcoin has skyrocketed to capture this liquidity at an all-time high. This suggests that the asset is looking for a possible continuation of the downtrend, indicating bearish pressure ahead.
Source: TradingView
Market data reflects bearish sentiment
In support of this bearish outlook, data Glassnode research reveals that the number of active Bitcoin addresses is decreasing and the rate of new addresses is slowing.
Source: Glassnode
This suggested that the market may lose hope for a short-term bullish recovery, leading to declines in these key areas.
Source: Glassnode
read bitcoin [BTC] Price prediction for 2024-2025
AMBC Crypto recently reported The recent market correction has reduced the supply of Bitcoin, creating profits and shaking investor confidence.
This trend underlines the market’s skepticism about an imminent bullish turn, despite the optimistic predictions of Kaiser and others.
