Last weekend, Bitcoin (BTC) took traders by surprise when it broke past $10,000, starting off the still ongoing rally. This weekend, BTC has done it yet again, but with a pullback from that saw its price drop from $12,000 to as low as $10,800, liquidating $1 billion.
Despite the shaky start to a Sunday that has startled several traders, veteran crypto trader Max Keiser has once again expressed his bullish sentiment about BTC, which he believes is going to $28,000.
Keiser, who is one of the earliest investors in Crypto, assures that Bitcoin’s previous high at $20,000 won’t act as a resistance in its current rally. He tweeted:
“The $20,000 level for #Bitcoin won’t pose any resistance. We won’t see any resistance till $28,000. A brief pullback then the assault on $100,000 begins with renewed vigor.”
The past two weeks have been great for BTC as it has moved from $9,200 to $12,000, touch its 2020 highs. Both Bitcoin and Ether are showcasing strong momentum, and the entire market has been benefiting.
Keiser is known for his optimism and preference for the number one cryptocurrency. His first prediction for $28,000 came late July when BTC first broke past $11,000. He believes that it is likely for the token to see six figures.
“$28,000 is in play before we see a pullback – and then we’re heading to 6-figures.”
Another trader going by the name of Pierre also voiced similar opinions, stating that if BTC reclaimed $11,500 on a weekly and monthly time frame, the path to its all-time high at $20,000 would have little resistance.
Crypto trader Scott Mike, popularly known as the “The Wolf of All Streets”, said that he had anticipated this pullback as there were multiple bearish divergences before the crash. He tweeted:
Despite the recent drop, most Bitcoin advocates just consider the latest price action as a shakeout.
Bitcoin could go sideways
Amsterdam stock exchange trader Michael Von Poppe had already said the Bitcoin had entered a new range between $9700-$12,000 after it broke the resistance at $10,500.
He now expects BTC to establish a similar range and tread sideways for a few weeks. He further expects altcoins to benefit from this move. He said:
“The most likely case is that we’ll have volatility on $BTC & $ETH as they determine their range. But over time (one week-two weeks) this will start to drop. What do you have to do? Yes, buy dips on altcoins. While everyone is focused on $BTC, your focus should be on alts.”
The overall sentiment of the market continues to remain bullish as most of the assets have slowly recovered from the pullback, with some posting considerable gains.
BTC price stands at $11,115 at press time, and the overall market dominance is back at 60%.