Bitcoin Price Prediction: BTC grand liftoff to $28,000 – Max Keiser


  • Bitcoin retail availability is likely to go down when governments start purchasing directly from miners.
  • Warren Buffett's wealth may suffer hyperinflation in the future amid Bitcoin's rally to $400,000.

Bitcoin has started to nurture an uptrend again following the extreme losses incurred towards the week's end. On the upside, the flagship cryptocurrency tested $11,800. However, the uptrend was sabotaged and hammered by instability brought about by the OKEx suspension of digital assets/cryptocurrencies withdrawals. BTC/USD tumbled to $11,200 before resuming the uptrend.

Bitcoin awaits a 40-80X move on the upside

Max Keiser, a renowned TV host, believes that futures traders suppress the current Bitcoin price. However, he is confident that the flagship cryptocurrency will liftoff to $28,000. Moreover, the supply available for sale is bound to reduce as institutions and governments will directly purchase Bitcoin from miners.

In a recent tweet, Keiser said that the suppression is allowing "poor people to stack sats *now* before retail liquidity dries up and the price vaults to gold-parity levels around $400,000." While speaking to CryptoPotato, the TV host emphasized that this the best time and opportunity for the "world's poor… to acquire unconfiscatable Hard Money before a 40-80x move on the upside."

When this happens, we'll see something quite unexpected. The retail market for BTC will dry up. The amount of BTC for sale AT ANY PRICE will be increasingly tiny.

Institutions, corporations, and governments will be buying BTC directly from miners, presumably at a huge premium.

Billionaires like Warren Buffett should be worried

Not long ago, Keiser said Warren Buffett was eventually going to start panic buying Bitcoin, especially after the digital asset surpasses the $50,000 mark. This time, he added that Buffett and other like-minded people would begin to see "their wealth hyperinflation to nothing." Buffett is a known critic of Bitcoin and cryptocurrencies and still insists that it has no value "and never will."

Bitcoin renews the uptrend

At the time of writing, the bellwether cryptocurrency is trading at $11,430 after recovery from the dip to $11,200 on Friday. The daily chart shows the formation of a symmetrical triangle pattern likely to culminate in a breakout to $12,000.

Bitcoin's short-term and medium-term bullish outlook is emphasized by the Relative Strength Index (RSI) 's recovery from the midline. Notably, trading above $11,800 might call for more buy orders, creating Bitcoin's volume to jump above $12,000.

BTC/USD daily chart

BTC/USD price chart

The number of new addresses joining the network has started to decline, according to data provided by IntoTheBlock. Roughly 537,000 addresses were created on BTC on October 15, but by October 17, a drop to approximately 434,000 was experienced. A decline in network growth is a red flag for Bitcoin's price soon. The fall affects the inflow and outflow into the network and in the end, it harms liquidity.

Bitcoin new addresses chart

BTC new addresses

Looking at the other side of the picture

Max Keiser is bullish on Bitcoin with his immediate target at $28,000. However, it is worth mentioning that the massive bullish outlook may be invalidated if Bitcoin does not get to new yearly highs, let alone the all-time high at $20,000. Similarly, IntoTheBlock shows a temporary decline in network growth, which may affect Bitcoin's performance in the short term.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin must reclaim $40,000 or risk plummeting to $20,000, curtailing crypto bull run

Cryptocurrencies in the market seem to be resuming their uptrends, following significant losses in the previous weeks. Uncertainty in the market was brought about by Bitcoin’s swings to $40,000 and back to $34,000.

More Bitcoin News

ADA technical and on-chain levels confirm a 60% explosion to $0.6

Cardano recently confirmed a breakout in away validating the 900% upswing prediction we discussed last week. Several hurdles have been shattered at the time of writing, including $0.3 and $0.35, adding credence to the potential breakout to $0.6.

More Cardano News

Yearn.Finance brushes shoulders with $40,000 overshadowing Bitcoin’s $36,000

Yearn.Finance has consistently recovered from the recent dip to $25,000. The price drop was not unique to the decentralized finance (DeFi) token but affected the entire cryptocurrency space. 

More Yearn.finance News

LINK squabbles under heavy selling pressure, downswing targets $16

Chainlink is up 10% in the last 24 hours and a whopping 52% in the previous seven days. After breaking above $20, LINK soared to a new record high at near $24. Meanwhile, the uptrend seems to have hit the ultimate point, as selling pressure finds its way back into the market.

More Chainlink News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast

BTC

ETH

XRP