Bitcoin Maxi Predicts BTC to Hit $50K as Selling Pressure Eases

  • Bitcoin Maxi Max Keiser predicts Bitcoin will hit $50,000 as GBTC selling pressure slows down. 
  • Keiser claims Wall Street players restricted BTC’s move to $50K by blocking ETF purchases. 
  • Active Bitcoin wallet addresses crossed the one million mark.

Renowned Bitcoin maximalist Max Keiser has stoked optimism amongst crypto community members following a prediction that Bitcoin’s price is set to hit $50,000 as market sentiment switches.  

In the tweet posted on social media platform X (formerly X), Keiser explained that the selling pressure on the Grayscale Bitcoin fund has eased. This sentiment switch follows days of continuous sell-offs as investors exited the fund for cheaper and newly launched exchange-traded funds (ETFs).

In addition to the GBTC sell-off, Keiser also blamed Wall Street traders for the disappointing BTC price performance. As noted in the tweet, Keiser claims some Wall Street players were blocking BTC ETF purchases. 

With the selling pressure and Wall Street block out of the way, Keiser asked the crypto community to turn to the $50K price target. Should Bitcoin pinch that, it would be the highest summit for the flagship crypto asset since November 2021. 

At the time of press, Bitcoin is exchanging hands at $41,721 apiece following a 3.49% rise in the last 24 hours, according to CoinMarketCap data. The current price is a resurgence from the recent lows Bitcoin recorded in the past week. 

Contrary to prevailing sentiments, Bitcoin’s price plummeted in the days after the US Securities and Exchange Commission (SEC) greenlighted a spot Bitcoin ETF. While the approval was expected to push BTC’s price to a new high, the digital asset declined considerably, shedding profits it accumulated towards the end of last year.

Meanwhile, reputed cryptocurrency trader and analyst Ali Charts noted that the number of active Bitcoin addresses has surged significantly. According to the analyst, active Bitcoin addresses have now surpassed one million. “This spike signals growing participation and usage of $BTC,” the analyst concluded.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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