Max Keiser, a vocal advocate of Bitcoin, crypto podcaster, and former trader, feels there are a few factors that are now causing a slight headwind for Bitcoin. He recently revealed these things with the crypto community in his article on X.
New small headwind for Bitcoin, per Keiser
Keiser tweeted in response to a recent post by German economist Holger Zschaepitz about Brent oil reaching $90 per barrel for the first time since November that rising oil prices and higher interest rates on USD deposit accounts are now luring investors, creating “a small headwind for Bitcoin.”
According to Zschaepitz’s X article, the increase in oil prices happened after Saudi Arabia said it will continue to cut oil output for a further three months.
When word circulated last week that Grayscale had defeated the SEC regulator in court over the conversion of its Bitcoin Trust into a spot ETF, Bitcoin saw an astonishing hourly gain of 7.88%. The leading digital currency then rose sharply from the $26,000 region to reach the $28,000 mark.
However, it did not persist for long, and over the course of the next week, the price progressively decreased to the $25,400 range. BTC is now trading at $25,688 per coin as of the time this article was written.
Approaching Bitcoin halving in 2024
The next planned Bitcoin halving is set for next year, likely around April or May. At that time, the incentives given to BTC miners will be halved, reducing the amount of Bitcoin that enters the market. Market participants and dealers often anticipate an increase in the BTC price following price halvings. In the previous one, which occurred in 2020, Bitcoin hit an all-time high of $69,000 in October 2021.
However, many think that the massive quantity of additional money issued by the US Fed Reserve and other central banks across the world since March 2020 as a result of the epidemic and lockdowns was the main cause of that price increase.
