$20,000 Wont Pose Any Resistance for Bitcoin Price, Says Max Keiser

Sunday 9 August 2020, 9:12 PM AEST - 2 days ago

According to Heisenberg Capital founder and Keiser Report host Max Keiser, the price of Bitcoin (BTC) would soon rally to $28,000. He believes the all-time high of BTC at $20,000 likely wont act as resistance.

Keiser, who is an early investor in unicorn Kraken and $100-million-worth Bitstamp, said:

The $20,000 level for #Bitcoin wont pose any resistance. We wont see any resistance till $28,000. A brief pullback then 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 Ethereums Ether.

Keiser reaffirms his $100,000 Bitcoin prediction

Throughout the Bitcoin rally in the past month, Keiser has continuously reaffirmed his position on the medium-term trend of BTC. He expects BTC to eventually surpass $28,000, and shoot for a new all-time high at six figures.

In late July, when the price of Bitcoin first broke out of $11,000, Keiser said a six-figure BTC is likely. Since then, BTC has confirmed $10,400 as a key support level, maintaining its momentum. He said:

$28,000 is in play before we see a pullback - and then were heading to 6-figures.

But on Aug. 2, as Cointelegraph reported, Bitcoin saw its first major pullback since mid-June. The price of BTC fell abruptly from $12,000 to $10,500 within 15 minutes, causing $1 billion to get liquidated across the entire market.

The price of Bitcoin sees a sharp drop in a short periodThe price of Bitcoin sees a sharp drop in a short period. Source: TradingView.com

Keiser and other high-profile appear to be unfazed by the move and generally consider the price action as a shakeout. Both over-leveraged and low-leverage long contracts were flushed out in less than an hour, causing the market to cool off.

Cryptocurrency trader Scott Melker said there were many bearish divergences prior to the dr ...

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