Max Keiser Predicts Bitcoin To $28K Then 6 Figures
As we’ve mentioned many times, it seems like everything moves much faster in the crypto space. Nothing could be more true than talking about the price action of Bitcoin.
Just about a week ago we report, as did many crypto news outlets that Bitcoin’s price action had hit an all time low… here we are a few days later reporting about the digital assets pending parabolic run to all time highs…
If you looking to read that article, you can find it here.
The recent surge in the price of Bitcoin has many analysts as well as cryptocurrency investors and enthusiasts predicting the return to all time highs for the asset. A Wall Street veteran, Max Keiser, has predicted that the price of Bitcoin will surpass those highs, continue rising until it reaches the $28,000 mark and go even further.
He stated yesterday in a series of tweets that Bitcoin is heading to 6 figures after a correction period near $30,000.
Recent moves in the financial market have been of surprises and one such was bitcoin’s price rising to over $11K. Keiser and some other financial experts are predicting that this recent surge is a strong one and it’s not going to fall anytime soon. Rather, they are predicting a further consolidation that will take Bitcoin to 6 figures in the coming months.
“$28,000 is in play before we see a pullback – and then we’re heading to 6-figures,” Keiser reiterated.
He is renowned for his full support and optimism for Bitcoin over other cryptocurrencies. This time, Keiser called out gold supporter Peter Schiff, who previously dismissed the rise of Bitcoin while celebrating the all-time high price of gold. In a recent debate on a YouTube channel with Morgan Creek, Schiff stated:
“It’s put up or shut up for Bitcoin — it’s got to hold $10,000 now”
In a counter-statement after the rise of Bitcoin, Keiser has stated that he doesn’t have time for the skepticism Schiff is placing on Bitcoin, claiming that by now Schiff is regretting his decision to stick with gold as Bitcoin is rising.
“Somewhere, @PeterSchiff is puking his brains out right now,” he responded.
Bitcoin May Retest 2017 Highs
According to a recent report by Bloomberg, Bitcoin could retest the record highs from 2017 and could even reach as high as $28,000.
Based on the report, the coronavirus pandemic has caused the speedy growth of Bitcoin as an asset, as it showed its strength amid declining equities. Additionally, it shows that institutional investors are gradually rising to the occasion and Grayscale which has been buying up a huge percentage of the total new supply of the major coin.
“So far this year, its increasing AUM has consumed about 25% of new Bitcoin-mined coins vs. less than 10% in 2019,” the report reveals.
This report further revealed that there has been an increase in the 30-day average of GBTC UAM, as it is closing to 340,000 in Bitcoin equivalents, which translates to about 2 percent of the total supply. In 2018, it accounted for only one percent, the report states.
Gold & Bitcoin Safe Havens
Several analysts have mentioned Bitcoin and gold as parts of a safe haven for investors who are looking to diversify their investment amidst the fluctuating level of interest rates and the weakening U.S. dollar.
More worrying is the additional stimulus the Federal Reserve injected into the economy to cushion the effects of the COVID-19 pandemic. This has inflated the money supply and intensified further interests in Gold and Bitcoin.