Bitcoin going up

October 2023 has brought good news for Bitcoin (BTC) enthusiasts, as the cryptocurrency’s value keeps rising. In the last 24 hours, Bitcoin saw a small 0.5% increase, bringing its current value to $34,530.02. Analysts are optimistic, with some projecting a significant 336% surge for BTC as it chases an ambitious target.

All eyes are now on the upcoming decision by the US Federal Reserve regarding interest rates, a crucial factor that could affect the course of Bitcoin’s price.

Max Keiser Is Bullish!

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Library Of Wealth

Max Keiser, a well-known figure in the crypto world, has recently made a bold prediction, foreseeing a future where Bitcoin reaches $220,000. This prediction isn’t just optimism; it’s based on compelling economic indicators. Keiser’s confidence is rooted in the US government’s active approach to borrowing.

The US government plans to borrow an enormous $1.5 trillion over the next two quarters, following a $1 trillion borrowing spree in the previous quarter. This aggressive borrowing approach indicates the government’s heavy reliance on expanding the money supply, a factor historically linked to Bitcoin’s value growth.

Institutional Adoption

During the pandemic’s peak, the issuance of “survival checks” injected over $6 trillion into the economy, paving the way for Bitcoin’s impressive rise. This injection of money, along with growing institutional interest in Bitcoin, paints a positive picture for this digital asset.

Read More: Bitcoin Price Prediction November: Here’s How High BTC Price Will Rally!

Expert Insights – What Do People Have to Say?

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Jamie Tree

Max Keiser is not alone in his positive outlook for Bitcoin. Anthony Scaramucci and Robert Kiyosaki, both experienced financial experts, also have hopeful forecasts. Scaramucci predicts Bitcoin reaching $150,000 to $200,000 in the next bull run, with a long-term projection of up to $750,000.

Meanwhile, Kiyosaki, known for his sound financial advice, believes the next target for Bitcoin is $135,000, with an ambitious goal of $500,000 by 2025.

Impact of the Upcoming US Fed Interest Rate Decision

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Unscripted Crypto

As we approach the expected bull run and the US Federal Reserve’s decision on interest rates, two potential scenarios could affect Bitcoin and cryptocurrency prices.

  1. Scenario 1: Unchanged Rates and SEC Approval: The first scenario widely predicts that the Fed will keep rates as they are, with a 98% probability. In this case, Bitcoin might experience short-term price swings around $34,400. However, the cryptocurrency’s rally is expected to be more influenced by the potential approval of a spot Bitcoin ETF by the SEC.
  2. Scenario 2: A Rate Cut and Hints of Future Rate Hikes: The second scenario, involving a rate cut (a 1.8% probability), is less likely but could lead to an increase in the value of risk assets like Bitcoin due to reduced borrowing costs. Nevertheless, investors are primarily focused on Fed Chair Jerome Powell’s speech, hoping to gain insights into potential future rate increases.

Also Read: Glassnode Co-Founder Projects $15 Trillion Bitcoin ETF Tsunami: Here’s Why

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Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.