- Bitcoin has surged in 2023, more than doubling in price and reaching $39k, its highest level since April 2022.
- Notable Bitcoin bull Max Keiser predicts Bitcoin will soon reach a new all-time high of $220,000.
- In the short term, Bitcoin looks to test the $40,000 level in December, a historically mixed month for BTC price action.
Bitcoin, the largest cryptocurrency by market capitalization, has been on an impressive run in 2023. The price recently surpassed $39,000, reaching its highest level since April 2022.
BTC Price Action
In the last 24 hours, Bitcoin was up 1.89% to $39,459. It has more than doubled in price in 2023, rebounding over 134% from the crypto rout of 2022. Bitcoin has significantly outperformed other assets like stocks and gold.
Max Keiser’s Bold Prediction
Against this backdrop, notable Bitcoin bull Max Keiser predicts an all-time high (ATH) is coming soon for BTC. “New ATH for BTC on this pulse. $220,000 in play,” Keiser stated in a tweet.
Bitcoin peaked at over $69,000 in November 2021 before plummeting 64% the following year. At its present price, Bitcoin is still down 42.69% from its record high. However, its profitability has soared to 80%, the highest since December 2021 according to IntoTheBlock.
Eyes on $40,000 in the Short Term
Currently, all eyes are on where Bitcoin will trend next in the short term, with a target of $40,000. December has historically been a mixed month for Bitcoin.
According to CoinGlass, Bitcoin only rose in December 2020 over the previous five years. However, the magnitude of the rise (46.92%) was significant. With the current rally, bulls may attempt to replicate this performance.
Options market data hints Bitcoin will trade in a range between $37,000 to $40,000 in December, according to Bloomberg.
Conclusion
The comeback of Bitcoin in 2023 has been mightily impressive so far. Prominent voices like Max Keiser foresee new all-time highs incoming if the bull market continues. In the short term, Bitcoin looks to test the $40,000 level. December could prove to be another momentous month for the top cryptocurrency.
