Looks like the bulls are back as Bitcoin (BTC) has smashed the $10,000 resistance after a massive upward rally that took BTC prices from the $9000 region to as high as $11,380 in a weeks’ time. This has turned several analysts pretty bullish, as the largest crypto asset has now gained more than 20% in a week.
The Daily Chain had previously reported that a major symmetrical triangle had formed which analyst Peter Brandt believes could push BTC prices back to ATHs, and then as high as $50k.
Now, the host of Keiser Report and prominent crypto trader Max Keiser believes that BTC prices are currently heading straight to $28,000, after which the token would enter a correction phase and then head for six figures.
In a tweet, Keiser made this prediction as BTC was surpassed $11,200. Markets were already capitalizing on bullish sentiment as trading began this week, with Bitcoin breaking $10,000 this weekend.
Commenting on BTC’s bullish move, Keiser said:
“$28,000 is in play before we see a pullback – and then we’re heading to 6-figures.”
Keiser is a Bitcoin advocate and is known for his optimism and preference for the number one cryptocurrency. In his tweet, he also took a swing at gold bug Peter Schiff, who has been seen celebrating Gold hitting ATH against the dollar, while criticizing Bitcoin.
“Somewhere, @PeterSchiff is puking his brains out right now,” Keiser said in the same tweet.
Safe haven boom
Over the past month, Bitcoin has shown an increasing correlation with Gold, which is also a part of the safe-haven boom gaining traction right now, as the dollar continues to weaken, with added pressure from geopolitical tensions and the ongoing coronavirus outbreak.
ShapeShift CEO ERIK Voorhees voiced similar opinions about BTC and Gold in a tweet, stating that the coming months will see “gold, bitcoin, and ethereum will all rise, as they are constituent, complementary pieces of the future financial system.”
Meanwhile, crypto analytics firm Skew noted that CME Bitcoin futures saw its most active session for the year on Monday, with open interest climbing to record highs. This is a solid sign of growing institutional interest entering the market.
At press time, Bitcoin is trading slightly above $11,100. Bitcoin dominance has gone up 2% and is now at 62.3%.
The next major resistance is near the $11,300 region. If BTC breaks this, the price is expected to rise. In case BTC fails to hold above $11,000, important support lies near $10,500.