According to Max Keiser, founder of Heisenberg Capital and host of Keizer Report, the price of Bitcoin (BTC) will soon rebound to $28,000. He believes that BTC’s historical high of $20,000 may not be a resistance.
Keiser, an early investor in the unicorn Kraken and the $100 million Bitstamp, said:
“#Bitcoin’s $20,000 level will not constitute any resistance. We won’t see any resistance until $28,000. A brief withdrawal, and then an attack on $100,000 with new vitality.
In the past 12 days, the price of Bitcoin has risen from $9,200 to $12,000, the highest price in a year. The cryptocurrency market has benefited from the strong momentum of Bitcoin and Ethereum̵
Keizer reiterated his prediction of $100,000 Bitcoin
Throughout the Bitcoin rally in the past month, Keizer has repeatedly reiterated his position on the medium-term trend of BTC. He expects that BTC will eventually exceed $28,000 and set a new record with a six-digit record.
In late July, when the price of Bitcoin broke through $11,000 for the first time, Keizer said there might be a six-digit Bitcoin. Since then, BTC has confirmed that $10,400 is a key support level and has maintained its momentum. He says:
“Before we see a pullback, there is $28,000 at work-and then we will move towards 6 digits.”
But on August 2, as Cointelegraph reported, Bitcoin experienced a major correction for the first time since mid-June. The price of BTC suddenly dropped from USD 12,000 to USD 10,500 within 15 minutes, causing the entire market to liquidate USD 1 billion.
The price of Bitcoin will drop sharply in the short term. Source: TradingView.com
Keizer and other high-profile individuals seemed unwavering at this move and generally believed that price action was a blow. Long contracts with under-leverage and low-leverage ratios were all written off in less than an hour, causing the market to cool down.
Cryptocurrency trader Scott Melker said that there were many bearish divergences before the decline occurred. After such a strong rebound in a short period of time, the market seems to need to stabilize from the overheated rebound. He says:
“A BTC hourly candle of $1,700 (mostly within a few minutes), extremely high trading volume, including a similar ETH sell-off in the middle of the night? Cool. As I mentioned, there are bear divs everywhere.”
Others believe that BTC’s trend is different, at least in the short term
In the short term, some traders expect that major cryptocurrencies including Bitcoin and Ethereum will exhibit low volatility. After large price fluctuations, BTC tends to establish a range and shows a sideways trend within a few weeks.
Michael van de Poppe, a trader at the Amsterdam Stock Exchange, stated that altcoins may benefit from potential lateral BTC actions. He says:
“The most likely scenario is that we will fluctuate when $BTC and $ETH determine the price range. But over time (one or two weeks), this will start to decline. What should you do? Yes, buy altcoins. When everyone is focused on $BTC, your attention should be on alt.”
Although traders’ short-term forecasts are different, many investors seem to be optimistic about the mid-term trend into 2021. Various macro factors, such as the depreciation of the dollar and increased liquidity, may further boost the current momentum of BTC.
PlanB, the creator of the well-known stock liquidity (S2F) bitcoin price model, also reiterated that BTC is expected to reach $100,000. He said that after the explosive rally, Bitcoin was “on the right track” reaching six figures.