According to Heisenberg Capital founder and Keizer Report host Max Keizer, the price of Bitcoin (BTC) will soon rise to $ 28,000. He believes that BTC’s historical peak at $ 20,000 will likely not act as resistance.
Keizer, who is an early investor in the $ 100 million Kraken and Bitstamp unicorn, said:
“The $ 20,000 level for #Bitcoin will not represent any resistance. We will not see any resistance until $ 28,000. A brief pullback after the assault on $ 100,000 begins with renewed vigor.”
In the past 12 days, the price of Bitcoin has increased from $ 9,200 to $ 12,000, marking the highest price in over a year. The cryptocurrency market is benefiting from the strong momentum of Bitcoin and Ether from Ethereum.
Keizer Reaffirms Its USD 100,000 Prediction Of Bitcoin
During Bitcoin’s rebound in the past month, Keizer has continually reaffirmed its position on the medium-term trend of BTC. He hopes that BTC will eventually top $ 28,000 and hit a new all-time high of six figures.
In late July, When Bitcoin’s price first came out of $ 11,000, Keizer said a six-figure BTC is likely. Since then, BTC has confirmed $ 10,400 as a key support level, keeping its momentum. He said:
“USD 28,000 is up for grabs before we see a pullback, and then we head to 6 figures.”
But on August 2, like reported Cointelegraph, Bitcoin saw its first major pullback since mid-June. BTC price abruptly dropped from $ 12,000 to $ 10,500 in 15 minutes, which caused the liquidation of USD 1 billion in the entire market.
Bitcoin price sees a sharp drop in a short period. Source: TradingView.com
Keizer and other high-profile others appear to be unaffected by the move, and generally view the price action as a shock. Both long-leveraged and low-leveraged contracts were removed in less than an hour, causing the market to cool.
Cryptocurrency trader Scott Melker said there were many bearish divergences before the crash occurred. After such a strong recovery in a short period, the market apparently needed to stabilize from an overheated reputation. He said:
“An hourly candle of USD 1700 BTC (mainly in a few minutes) in extremely high volume, which includes a similar ETH settlement in the middle of the night? Cold. There were bearish overtones everywhere, as I mentioned. “
Others see a different trend for BTC, at least in the short term
Short term, some traders expect major cryptocurrencies like Bitcoin and Ether to demonstrate low volatility. After a big price move, BTC tends to establish a range and see side action for several weeks.
Michael van de Poppe, a trader at the Amsterdam Stock Exchange, said altcoins could benefit from possible BTC side action. He said:
“The most likely case is that we will have volatility in $ BTC and $ ETH as they determine their range. But over time (a week or two weeks) this will start to drop. What do you have to do? Yes, buy sauces in altcoins While everyone is focused on BTC, your focus should be on altcoins. “
While Traders’ short-term predictions vary, many investors seem positive about the medium-term trend towards 2021. Various macro factors, such as declining US dollar and increased liquidity, could further boost BTC’s current momentum.
PlanB, the well-known creator of the Bitcoin stock-to-flow (S2F) pricing model, also reaffirmed that BTC is on track to hit $ 100,000. He said that after its explosive rebound, BTC is “perfectly on track” to hit six figures.
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