Renowned Bitcoin advocate Max Keiser posted on social media, hinting that Qatar’s sovereign wealth fund might be eyeing a substantial investment of $500 billion in BTC. Although the rumors are unverified and not widely reported by credible crypto news sources, speculation surrounding major wealth funds entering the Bitcoin market seems to be fueling positive market sentiment.
Keiser’s tweet stirred buzz online, prompting various influencers and news platforms to rapidly share the news. The surge in Bitcoin’s value, reaching over $42,000, indicates a 5% increase in the last 24 hours and over 10% in the past four days.
Several factors contribute to Bitcoin’s recent upward movement, including expectations of future interest rate cuts by the US Federal Reserve and growing optimism for the approval of spot Bitcoin ETFs in the US, the world’s largest financial market.
Additionally, bullish narratives surrounding the upcoming Bitcoin halving in April and BTC’s adherence to its historical market cycle, characterized by a one-year bear market followed by a three-year bull market, are strengthening investor sentiment.
Supporting the bullish outlook, BTC has broken out of an ascending triangle pattern, maintaining levels above its 21-day moving average. While the next significant resistance stands near the late April 2022 highs of around $43,000, Bitcoin is likely to test 2022 highs around $48,000 in the coming weeks.
