Max Kaiser, a prominent financial expert, and host of the Kaiser report show, has stated that Bitcoin probably won’t meet much resistance surpassing the all-time high of $20,000 and climb its price to $28,000.
In less than two weeks Bitcoin has rallied its price from $9,000 to $12,000, marking its highest value in over a year. The cryptocurrency market is being driven by the strong momentum of the cryptocurrency markets and especially Bitcoin and Ethereum.
Throughout the last months, Kaiser has reaffirmed his stance for Bitcoin at $28,000 numerous times as well as his prediction that the cryptocurrency will eventually shoot up to six figures. He predicts a mild pull-back at $28,000 before investors are eventually reassured in the advantages of the cryptocurrency assets and the build-up to six figures begins.
When in mid-June another pull-back occurred leveling down the price of Bitcoin from $12,000 to $10,500 for just 15 minutes, Kaiser remained unfazed considering the act as a minor shakeout in the grand scheme of things.
Some traders expect Bitcoin and Ethereum to experience a period of low volatility after their price spikes in the last weeks. They argue that historically after a price rally Bitcoin tends to stop at a certain range and experience a back-and-forth action on the market.
Meanwhile, Michael van de Poppe, who works as a trader at the Amsterdam Stock Exchange, shared his opinion that altcoins could benefit from Bitcoin sideways actions, hinting that holding onto Bitcoin through this period and bidding on altcoin might be the way to go.
While the prediction on the short-term vary, traders are confident for Bitcoin heading into 2021. There are a number of macroeconomic factors such as the declining US dollar and rising liquidity that could give an additional boost to the cryptocurrency momentum.
