Here’s Why Bitcoin Could Reach $220,000 This Year

Paigambar Mohan Raj
Source: Bitcoin Binge, Medium

2022 will be a significant year in the history of Bitcoin. The recent crash saw the original cryptocurrency, stumble its way below its 2017 highs. Over the previous weekend, BTC dipped below the $18k mark for the first time since 2020. However, the currency has bounced back up and is currently consolidating around the $21k mark.

Nonetheless, BTC maximalists are still hard-pressed that the currency will soar in the time to come. Max Keiser, popular podcaster and BTC maxi, has predicted that the original cryptocurrency will reach $220,000 sometime this year.

Keiser has called BTC’s $220,000 level several times, but now he offers a concrete explanation for why this is likely to occur.

Why will Bitcoin reach $220,000?

Keiser has revealed one of the frequently stated arguments by Bitcoin maxis for an upcoming, limitless expansion in the number of BTC, which is the 21 million strict supply restriction set by Bitcoin’s enigmatic inventor, Satoshi Nakamoto. Additionally, a process known as “halving,” in which the number of coins produced is reduced by half, occurs every four years. The remaining three million Bitcoins will take several years because more than 18 million have already been mined.

The last BTC halving took place at the beginning of May 2020. Therefore the following one is expected in 2024. Keiser predicts that a rapid increase in Bitcoin’s hashrate will come before the price of BTC increases significantly.

On January 2, when BTC was valued at $47,000 on centralized exchanges, the Bitcoin hashrate soared to 203.5 exahashes. BTC has since lost more than 50% of that value.

At press time, Bitcoin was trading at $21,089.24, up by 5.4% in the last 24 hours, but still down by 6.4% in the last seven days.