TL;DR
Max Keiser, Chairman of El Salvador-based Bitcoin mining startup Volcano Energy, recently shared his thoughts on his previous $220k price target for BTC, stating that “social unrest” and “societal breakdown” are necessary to boost its price to such levels.
“Keep in mind, Bitcoin trades at these levels after social unrest and societal breakdown are irreversibly causing havoc.”
Amid the havoc caused by the COVID-19 pandemic, investors and retailers started looking for assets that could work as hedges against rising fiduciary inflation.
This year saw almost all major economies shutting down and the Federal Reserve putting its printing machines on turbo mode so the government could send stimulus checks to households as financial aid amid rising unemployment.
During those times, the BTC halving was set to take place in May, further capturing the interest of investors who further speculated on future prices. The next Bitcoin halving will take place on April 24, 2024. Binance’s CEO Changpeng Zhao advised the crypto community to remain patient and lower expectations, as the price of BTC “won’t hit all-time highs overnight.”
Keiser, famously known for The Keiser Report, has been a Bitcoin advocate for several years. He’s the founder of Volcano Energy, a BTC mining startup that seeks to create a 241 MW renewable power generation park in the Mapatán region of El Salvador.
The same day, Keiser stated that the new law against naked short selling imposed by US financial regulators means that “the big guys like BlackRock won’t have their primary means of manipulating prices down.”
Naked short selling involves two parties: the broker and the seller. In short, the seller doesn’t own the shares they’re trying to sell because the broker has not settled the shares in the investor’s account first. This allows traders to sell unlimited non-existent shares, manipulating a company’s price.
Others predict prices north of $100k by 2025. In alignment with what CZ said about BTC hitting new ATH the year after the halving, technical analyst CryptoCon set the price target at $138k.
The analyst experimented with Bitcoin’s cycle tops using different models for trend and price patterns to forecast possible outcomes, and the results were prices north of $128k, $135k, and the highest being $140k.
