Nothing is more intriguing than a bitcoin bull ‘s run during its peak rally period. There is a sense of urgency in the market, as proponents and analysts are trying to figure out BTC’s next move. After briefly touching $12,000 for the first time since June 2019, major personalities were on their speculative trail to predict Bitcoin’s next step.
Max Keiser, Heisenberg Capital founder and host of the Keiser Report was at his bullish best recently, as the BTC proponent suggested that the king coin will not face any resistance at the 2017 high of $20,000.
According to a Keiser, Bitcoin is possibly gearing itself up for its ascend towards $100,000 and the first form of resistance would only arrive at around $28,000. After hitting the aforementioned mark, the asset will undergo a minor correction and the rally towards the six-figure valuation would take place.
After rising by 29.12% since 21st July, Bitcoin incurred a quick drop of 10.57 percent over the past few hours. Incidentally, the drop occurred right after the price touched the $12,000 range. The positive outlook conveyed by Keiser is contagious and considering Bitcoin is busting past resistances over the past week like they did not exist, is commendable.
However, to state that there would not be any resistance until $28,000 is a bit of stretch at the moment. The rally has only been going on for less than 2 weeks, and for the bullish drive to attain a healthy picture, a significant period of correction is required.
The above sentiment of an imminent pullback was indicated by popular crypto trader Scott Melker as well. Melker stated,
“A $1700 BTC hourly candle (mostly in a few minutes) on extremely high volume, including a similar sell-off on ETH in the middle of the night? Cool. There were bear divs everywhere, as I mentioned.”
So where is the Bitcoin actually headed?
Although it is impossible to determine Bitcoin’s short-term move, the above weekly chart indicates a key pattern. Since early 2018, Bitcoin’s valuation has rarely stayed above the $11,500 range on the weekly chart. The one time that it moved above that range for a week occurred during the 2017 rally, which ended up Bitcoin going up to $20,000.
Hence if Keiser’s premonition has to come true, the asset has to rally above this range on the weekly chart. Things can take a huge bearish turn for Bitcoin after that.