Is a ‘God Candle’ to $100K Possible for Bitcoin? Popular BTC Permabull Chips In
TL;DR
- Bitcoin (BTC) reaches $44,000, the highest since spring 2022, contributing to the global cryptocurrency market’s growth to over $1.65 trillion. Max Keiser predicts a significant price surge, potentially leading to a “God Candle” event, driving BTC’s value up to $100,000 or more.
- Keiser’s predictions, influenced by market dynamics and Bitcoin’s hash rate, previously included a $220,000 target price, considering factors like social unrest.
- Bitcoin’s market indicators show bullish trends, with exchange outflows surpassing inflows, suggesting reduced selling pressure. However, a decline in BTC open interest indicates potential price consolidation at current levels.
BTC ‘God Candle’ in the Making?
The cryptocurrency market seems to be on the verge of finishing the highly successful 2023 (so far) with a final sprint. The global crypto market capitalization recently surpassed $1.65 trillion (per CoinGecko’s data), with multiple assets charting yearly high prices.
Bitcoin (BTC) has been among the top performers, touching the $44,000 level for the first time since the spring of 2022. Some analysts and experts believe this uptrend could continue in the near future and lead to a new ATH for the asset.
One example is Max Keiser – an American filmmaker and outspoken proponent of the primary cryptocurrency. According to him, BTC might experience a so-called “God Candle” that could take its valuation to as high as $100,000. Moreover, Keiser thinks BTC could catch up to “the implied, hash-adjusted price of $375,000.”
“This will literally shock the world. And the Bitcoin Singularity will be upon us,” he added.
Previously, Keiser (who is also Chairman of El Salvador-based Bitcoin mining startup Volcano Energy) set a target of $220,000 for Bitcoin, assuming that such a price explosion could be triggered by potential “social unrest” and “societal breakdown.”
Taking a Closer Look at Some BTC Metrics
When speaking of a further BTC price increase, one should focus on some important metrics that could shed more light on whether such a development could see the light of day.
According to a chart provided by CryptoQuant, Bitcoin exchange outflows have substantially surpassed inflows on December 5. Shifting from marketplaces toward self-custody methods could be considered bullish since it eliminates immediate selling pressure.
On the other hand, BTC open interest (the total number of outstanding Bitcoin futures or options contracts in the market) has slightly declined in the past 24 hours. The metric’s surge could indicate that the primary cryptocurrency is yet to experience enhanced volatility, while a decrease could hint about a consolidation around the current price tag.
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