Through a series of tweets, Keiser predicts that the BTC/USD pair is on course to hit six figures after consolidation in the range of $28,000-$30,000.
Keiser has issued the forecast after the king of crypto crossed $10,000 comfortably yesterday. At the time of writing this article, the crypto was trading at $10,970, reflecting a gain of 7% in the past 24 hours.
Bitcoin, according to analysts, is showing strength even after crossing the psychological mark of $10,000.
Usually, the crypto sees a huge influx of sell orders soon after it breaks above $10,000. Additionally, volatility will considerably increase with a bearish bias and seems to be absent so far this time.
Keiser summed up as follows:
“$28,000 is in play before we see a pullback – and then we’re heading to 6-figures.”
The host of Keiser Report is a strong advocate of Bitcoin and has a bullish view towards it. However, he is not an advocate of other altcoins. Keiser, interestingly, took a dig at Peter Schiff, a strong supporter of gold. Schiff, who had turned exuberant after gold hit historical high against the greenback, had earlier ruled out Bitcoin’s rally.
During a conversation with Anthony Pompliano, Morgan Creek Digital co-founder, Schiff said “It’s put up or shut up for Bitcoin — it’s got to hold $10,000 now.”
Keiser did not have much time to counter most of Schiff’s arguments, including the aforementioned one, but simply responded by saying that the Bitcoin cynic was clandestinely deploring his decision to back gold.
Somewhere, @PeterSchiff is puking his brains out right now. ?
$28,000 is in play before we see a pullback – and then we’re heading to 6-figures pic.twitter.com/7K4jtn7Grj
— Max Keiser ??? (@maxkeiser) July 28, 2020
Keiser said “Somewhere, @PeterSchiff is puking his brains out right now.”
It should be remembered that gold is perceived as a safe haven asset and therefore global uncertainty has propelled it to unprecedented highs, while other assets including the greenback remains weak.
The second phase of monetary stimulus by the US Federal Reserve is expected to inflate the money supply considerably. Additionally, prevailing US-China geopolitical issues and unabated Covid-19 outbreak has caused uneasiness among investors.
The level of 10,500 is expected to act as support for Bitcoin. If Bitcoin holds that level then another rally is expected. On the contrary, if Bitcoin retraces below 10,500, then a resistance is expected when it tries to rise above that level.