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As Bitcoin price climbed above $68,000, analysts seemed to disagree over its next move. Some, including Max Keiser, expect a return to the new all-time high of $220,000. Others are more cautious and warn of a correction before further upswing.
The mixed predictions come at a time when the Bitcoin signal is indicating both bullishness and short-term weakness.
Max Keiser Predicts $220K as Gold’s Rise Fuels Optimism
Max Keiser, a prominent Bitcoin advocate shared his prediction on X (formerly Twitter), anticipating that Bitcoin is likely to surge to around $220,000 sometime soon.
The new ATH Gold price is predicting Bitcoin will trade over $220,000 very soon.
— Max Keiser (@maxkeiser) October 18, 2024
He bases this bold forecast on the new all-time high for gold, which recently hit $2,714 per ounce. Regarding the future price, Keiser is convinced that as gold increases, Bitcoin which the majority regard as ‘digital gold’ will inevitably go up in price.
According to Keiser, the price that bitcoin is trading at above $68,000 is just scratching the surface of higher heights. In his opinion, given the fundamentals and macroeconomic factors, the price is set for a big upsurge.
According to Keiser, it is just a start that the price of Bitcoin is now up to $68,000. As per his insight, based on the fundamentals and macro-economic conditions, there are prospects of price volatility going up.
He adds, “The new ATH Gold price is predicting Bitcoin will trade over $220,000 very soon.”
Bearish Divergence and a Potential Pullback: Analysts Sound Caution
However, there are other analysts who disagree with Keiser, stating that Bitcoin is yet to hit the new high as it may be corrected. Justin Bennett presents a bearish rising wedge pattern, which in this case may suggest a retracement.
He says that the inability to do so last Friday questions the sustainability of the near-term rally.
#Bitcoin did not break out on Friday.
— Justin Bennett (@JustinBennettFX) October 19, 2024
Again, last week was primarily a perp-driven rally, which is not conducive to a sustainable breakout, and OI remains near its late July highs.
We now have a potential rising wedge developing with bearish divergence everywhere.
I wouldn't… https://t.co/xT8EmjpJyS pic.twitter.com/20dBgyDWL8
Bennett also notes that last week’s rally was not because of new spot buying but because of perpetual contract (perps), thus a less solid base for its continued upward movement.
He notes that the OI levels are near July’s high trading level, which indicates the number of leveraged trades, which could trigger a reversal.
According to Bennett, we may see Bitcoin testing support at about $63,000 before it resumes its upward movement in the near future.
Technical Indicators Show Mixed Signals for Bitcoin’s Next Move
From the current Bitcoin price update, there seems to be a little bit of a pullback after the recent rally in the price range closes at $68,302.87 after a drop of 0.18%.
Technical indicators such as the MACD and RSI suggest conflicting trends, adding to the uncertainty about Bitcoin’s direction. The MACD line continues to rise slowly but is still below the signal line, which means that the bulls are losing steam.
On the other hand, the RSI is almost overbought at 68.46, which may indicate that it is time for a short-term correction. Analysts are closely watching these signals to determine whether the market will push Bitcoin higher or consolidate further.