U.Today - , the largest cryptocurrency by market capitalization, surpassed the $39,000 mark in Saturday trading, reaching new yearly highs of $39,753 around where it currently trades.
Bitcoin (BTC) was up 1.89% in the last 24 hours to $39,459, a level it last traded at in April 2022, at the time of writing.
Bitcoin has more than doubled in price in 2023, rebounding over 134% from the crypto rout of 2022, outperforming investments such as stocks and gold.
Against this backdrop, Bitcoin proponent predicts an all-time high (ATH) coming in for Bitcoin. "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 due to a string of bankruptcies in the crypto industry and macroeconomic concerns.
At its present price, Bitcoin is currently down 42.69% from this high, and its profitability has soared to 80%, the highest value since December 2021, per IntoTheBlock.
The expectation voiced by Bitcoin bull Max Keiser is also similar to that of Galaxy Digital CEO , who predicted that Bitcoin might reach its old highs of $69,000 with ETF approval.
Novogratz predicts that billions of dollars will pour into the ETF industry within the first year, if not more, once the Bitcoin ETF (TSX:EBIT) begins trading.
Eyes on $40,000 Bitcoin price in short-term
Currently, all eyes are on where Bitcoin will trend next in the short term, with a target price of $40,000. December has historically been a mixed month for Bitcoin.According to data, Bitcoin rose only in 2020 over the previous five years, but the magnitude of the rise (46.92%) was significant. With the current , bulls may attempt to replicate the performance this season.
According to , the pattern of positions in the Bitcoin options market hints at a trading range of $37,000 to $40,000 in December.