$ 20,000 will pose no resistance to Bitcoin price, says Max Keizer

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According to Max Keizer, founder of Heisenberg Capital and host of Keizer Report, the price of Bitcoin (BTC) will soon reach $ 28,000. He thinks BTC’s historic high of $ 20,000 is unlikely to act as resistance.

Keizer, who is an early investor in $ 100 million Unicorn Kraken and Bitstamp, said:

“The $ 20,000 level for #Bitcoin will not pose any resistance. We won’t see any resistance until $ 28,000. A brief pullback, then the assault on $ 100,000 begins with renewed vigor. “

Over the past 12 days, the price of Bitcoin has risen from $ 9,200 to $ 12,000, the highest price in over a year. The cryptocurrency market is benefiting from the strong momentum of Bitcoin and Ethereum.

Keizer reaffirms his Bitcoin prediction of $ 100,000

Throughout last month’s Bitcoin rally, Keizer has repeatedly reaffirmed his stance on the medium term BTC trend. He expects BTC to surpass $ 28,000 eventually and is aiming for a new six-figure all-time high.

In late July, when the price of Bitcoin first rose to $ 11,000, Keizer said six-digit BTC was likely. Since then, BTC has confirmed $ 10,400 as a key support level, maintaining its momentum. He said:

“$ 28,000 is at stake before we see a pullback – and then we’re headed for 6 numbers. “

But on August 2, as Cointelegraph reported, Bitcoin experienced its first major pullback since mid-June. The price of BTC dropped sharply from $ 12,000 to $ 10,500 in 15 minutes, causing the entire market to sell off $ 1 billion.

The price of Bitcoin is dropping sharply over a short period. Source: TradingView.com

Keizer and other high profile figures seem to take the move not surprised and generally view the price action as a reshuffle. The over-leveraged, low-leverage long contracts were emptied in less than an hour, cooling the market.

Cryptocurrency trader Scott Melker said there were many bearish divergences before the fall. After such a strong rally in a short period, the market apparently needed to stabilize after an overheated rally. He said:

“A $ 1,700 BTC hourly candle (mostly in a matter of minutes) on extremely high volume, including a similar sell on ETH in the middle of the night?” Cool. There were bear divs all over the place, as I mentioned.

Others see a different trend for BTC, at least in the short term

In the short term, some traders expect major cryptocurrencies, notably Bitcoin and Ether, to exhibit low volatility. Following a large price movement, BTC tends to establish a range and see sideways action for several weeks.

Amsterdam Stock Exchange trader Michael van de Poppe said altcoins could benefit from possible side action from BTC. He said:

“The most likely case is that we will have volatility in $ BTC and $ ETH when they determine their range. But over time (one week to two weeks) it will start to go down. What should you do? Yes, buy altcoins dips. While everyone is focused on $ BTC, you need to focus on the alts. ”

Although traders’ short-term expectations vary, many investors appear positive about the medium-term trend to 2021. Various macro factors, such as the falling US dollar and rising liquidity, could further boost the market. current momentum of BTC.

PlanB, the well-known creator of the stock-to-flow (S2F) Bitcoin price model, also reaffirmed that BTC is on track to hit $ 100,000. He said that following its explosive rally, BTC is “perfectly on track” to reach six figures.

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