Analyst Max Keizer Updates $220,000 Prediction For BTC This Year

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Max Keizer says that Bitcoin (BTC) will hit $220,000 at some point this year.

In a new interview with Daniela Cambone of Stansberry Research, Keizer explains why his six-digit forecast for BTC didn't happen in 2021.

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“In 2021, I said we would hit $220.000, which is a typical four-year cycle. What we have in 2021 is China's massive collapse in the mining sector, qMining process and hash power have been reduced by 50%. Now, we've recovered that and are about to hit a new all-time high hash. That's why I'm pushing my $220.000 goal from 2021 to 2022.”

The analyst says that the BTC price will skyrocket as the network's hash power reaches a new high.

“I always say that hash rate precedes price, so we should see a new all-time high in hash rate and then a new all-time high in Bitcoin price. ”

He said that Bitcoin's recent price action could be tied to the derivatives market, but weaker fiat currencies would act as a catalyst to push BTC higher.

He predicts Bitcoin will eclipse the market capitalization of gold as it becomes the preferred store of value.

“Recent price action has been largely driven by derivatives, the same kind of price discovery you see in the gold market has kept gold flat for 10 years and hasn't really moved.

Several derivatives have an influence on Bitcoin's price discovery. In the end it doesn't matter because the demand for Bitcoin is virtually limitless because fiat money, as always, it goes to 0. All fiat money goes to zero and we will see that with coins U.S. dollar…

If you listen to the likes of Bill Miller or Paul Tudor Jones, or any of the other big hedge funds out there, they are openly saying that Bitcoin competes with gold. It will take the gold market share. The market share of gold is about 10 trillion dollars. Bitcoin will eclipse that market cap at some point. All the fundamentals are very strong, so I'm just moving my $220.000 goal between 2021 and 2022.”

At the time of writing, BTC is worth $42.926,98.

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