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Max Keiser

Bitcoin: Until $28,000, BTC May Not Face Any Resistance

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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.

Bitcoin wea

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?

Bitcoin week

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.

Bitcoin Could Reach $500,000 Amidst U.S ‘Hashrate Wars’ : Max Keiser

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Price forecasts are the basic commonality in the world of bitcoin and digital assets. Although most predictions are based on market indicators and analysis, at times various socio-economic or geopolitical events have an impact on the valuation of the BTC.

Speaking of extravagant predictions, popular financial analyst, and Bitcoin proponent, Max Keiser recently stated that a tussle between nations over the Bitcoin hash rate may eventually inflate Bitcoin’s valuation by more than $500,000.

In his recent segment of the Keiser Report, the analyst stated that the United States “hash-rate war” with Iran and Venezuela may create an extremely strong scenario where Bitcoin’s price may sky-rocket over $400,000-$500,000.

At present, China is the current leader in controlling the global hash for Bitcoin, amassing nearly 60 percent of it. Given that Iran currently owns 3 % of the world, Keiser believed that it would not be long before the U.S. dips its toes into the hashrate pool. He said

“Iran has already got 3% of global hash rate, so now I think Venezuela will get 3%–5% pretty quickly. And then at some point America will say, ‘We’ve got to enter the 21st century space race of mining Bitcoin,’ and then they’ll try to seek 20% of the hash rate, and then security goes up dramatically, and the price goes to $400,000, $500,000.”

For Keiser, Bitcoin is far-more important than a booming technology that transfers value. He believed that Bitcoin will leave a lasting impact on the wider society and establish a sense of financial freedom for its users. The influence of central banks on the larger economy could be broken according to Keiser, as he stated,

“The truth is if you want individual sovereignty, if you want justice, if you want uncensorable, unconfiscatable, indestructible wealth, there’s only one way to go — and that’s Bitcoin.”

Max Keiser’s previous $100,000 prediction update

Keiser has never been the one to shy away from preposterous price predictions as eight years back, he stated that Bitcoin will be worth over $100,000. Although the prediction has not panned out yet but in a recent interview with “Infowars”, Max Keiser decided to take his prediction up a notch and mentioned that Bitcoin will reach $400,000.

With the asset enjoying a rather turbulent year in 2020, it is highly unlikely that Keiser’s current prediction will come to fruition in the near future.

Max Keiser Raises Bitcoin Forecast 4-times the Previous Prediction

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Max Keiser prediction on the BTC price reaching

In 2012, the renowned face of Cryptocurrency, Max Keiser, predicted that the BTC price will reach $1,00,000 when the price was $1. Recently in one of the American TV shows, Infowars, Max Keiser predicted the BTC price to rise to $4,00,000. This comment from him came nearly 8 years after his first prediction

“I am officially raising my prediction from $1,00,000 to $4,00,000. I made my first prediction when the BTC price was just $1. I am increasing my target for the first time since 2012.” said Max Keiser who once tore dollar notes to emphasise the value of Bitcoin.

Keiser has been a known face in the Cryptocurrency industry for a decade now. With his comments, it is very clear that he is still optimistic about the BTC’s potential to show extraordinary gains. In his interview with Alex Jones, Max Keiser referred to the Coronavirus’ impact overshadowing of the Cryptocurrency market as a short term effect.

As per him, the BTC was equally attractive when the price was $100 and is attractive still today when the price has reached $10,000.While predicting, he did not give any particular time frame. Apart from this, he also targeted his haters and invited them to invest in the Cryptocurrency which as per him, can give 40x returns.

BTC Prediction By Experts

  • Tim Draper, the venture capitalist, also forecasted the BTC price reaching $2,50,000 by 2024.

  • John McAfee, the US presidential candidate, who predicted the BTC price reaching $1 million also took away his bet.

  • The CEO of Bitcoin Wallet Ballet, Bobby Lee, Believes that the BTC rate is supposed to reach $5,00,000 by the end of 2028.

  • Tom Lee, the co-founder of Fundstrat believes that BTC price is going through a bad phase and will be improvised by the end of the year.

  • Looking at all this forecasting done by big names, we just memorize one great saying,

“Predictions are assumptions based on analytics. It’s the time that shows a proper demonstration.”