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- Bitcoin maximalist has disclosed that Qatar’s Sovereign Wealth Fund is betting $500 billion on Bitcoin.
- This is expected to send the price to a new height pending the much anticipated Bitcoin halving event.
Analysts expect Bitcoin (BTC) to surpass its all-time high price of nearly $69k, and the potential spot Bitcoin ETF approval could be the big driver in this move. Interestingly, Bitcoin maximalist Max Keiser expects something else to push the asset to the moon. Speaking to his followers on social media platform X, Keiser disclosed that Qatar could play a critical role in the next bull run as its sovereign wealth fund eyes a $500 billion bet on Bitcoin. According to him, this could send the asset to $100,000.
I have 1 word for you $100,000 #Bitcoin God Candle fans . . . QATAR 🇶🇦 The rumors are getting very loud on this. Their SWF is rumored to looking to buy 1/2 trillion #BTC.
This rumor has been picked up by some major news outlets and crypto influencers, triggering the BTC price to surge by 12.5 percent in the last seven days and 0.17 percent in the last 24 hours to trade at $41,739.44. BTC currently has a bullish market sentiment and has a score of 80/100 as of press time. In the past three months, the asset has surged by 62 percent, adding $15,977.53 to its previous price.
With this being just a rumor, other factors such as the potential interest rate cut by the US Federal Reserve and the upcoming Bitcoin halving impact could still drive the price up the price curve.
Bitcoin Price Reacting to Possible Interest Rate Cut
Recently, Fed Governor Christopher Waller disclosed that authorities could lower the policy rate if inflation continues to move along very well.
If the decline in inflation continues for several more months … three months, four months, five months … we could start lowering the policy rate just because inflation is lower. It has nothing to do with trying to save the economy. It is consistent with every policy rule. There is no reason to say we will keep it really high.
On the other side, Waller thinks that it may be too early to decide since inflation is still high.
Inflation is still too high, and it is too early to say whether the slowing we are seeing will be sustained. There is still significant uncertainty about the pace of future activity, so I cannot say for sure whether the (Federal Open Market Committee) has done enough to achieve price stability.
Bitcoin has followed a similar trend in its previous halving events, and things are expected to be the same next year as the asset is expected to set a new all-time high record. A look at its short-term chart also shows that Bitcoin has broken to the north of the ascending triangle pattern. This indicates that the asset has held above its 21DMA consistently. Currently, $43,000 recorded in April 2022 is said to be the existing resistance level, and once this point gets breached, bulls could send the price to $48k in just a few weeks.
BTC is expected to finish the year with a maximum price of $75,130.99. On average, the asset is predicted to finish the year at $62,609.16. At worst, BTC could trade at $50,087.33 by December 31.
