Well-known Bitcoin (BTC) maximalist Max Keiser tweeted on X late on Sunday that Qatar could be a big bullish driver for the world’s largest cryptocurrency by market capitalization, suggesting that rumors are getting “very loud” that the country’s sovereign wealth fund could be looking to scoop up $500 billion of BTC.
I have 1 word for you $100,000 #Bitcoin God Candle fans . . .
QATAR 🇶🇦
The rumors are getting very loud on this.
Their SWF rumored to looking to buy 1/2 trillion #BTC pic.twitter.com/hm86KwtAj7
— Max Keiser (@maxkeiser) December 4, 2023
Keiser’s tweet triggered an immediate stur on social media, with dozens of fellow influencers and news outlets quickly retweeting.
**Max Keiser reports of rumors that Qatar’s Sovereign Wealth Fund has entered the #Bitcoin market and could be interested in purchasing up to $500B worth of BTC pic.twitter.com/WRspRJV0gE
— FMC (📈,📈) (@FreeMrktCptlst) December 4, 2023
Whoever opened up 200mil in $BTC leverage longs on Bitmex is doing quite well still, and at no risk right now clearly.
Up 20mil on just the futs alone, minus the coin to put up margin.
Quite bold actually. Is there something more than the ETF? Sovereign Wealth conversation is… pic.twitter.com/Vn3pJKph30
— HORSE (@TheFlowHorse) December 4, 2023
While the rumours around Qatar’s plans to enter the bitcoin market remain unconfirmed and have not been reported widely yet amongst by reputable crypto news outlets as fact, speculation that major sovereign wealth funds are looking to enter the BTC market is likely having a positive effect on the price action.
Bitcoin surpassed $42,000 on Monday for the first time since April 2022 and at current levels in the $41,600s, is up around 5% in the last 24 hours and more than 10% in the past four days.
BTC’s latest pump higher comes amid 1) dovish bets that the US Federal Reserve will be cutting interest rates within the coming quarters, 2) ongoing optimism that spot Bitcoin ETFs will soon gain approval in the US, home to the world’s largest and most liquid financial markets.
Other bullish narratives, such as the upcoming Bitcoin halving next April and the fact that BTC appears to be following almost perfectly in the footsteps of its classic roughly four-year market cycle (which involves a one-year bear market followed by a three-year bull market), are also likely acting as tailwinds.
Bullish short-term technical developments add further weight to the bullish thesis – BTC recently broke convincingly to the north of an ascending triangle pattern, and the cryptocurrency has consistently held above its 21DMA in recent weeks.
Late April 2022 highs close to $43,000 are the next notable level of resistance for the bulls to target, though BTC appears odds on to test 2022 highs in the $48,000 area within the next few weeks.
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