PayPal’s Sustainable BTC Mining: Crypto Incentives
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Heisenberg Capital founder Max Keiser has offered his commentary on the cryptocurrency market, saying the price of Bitcoin is on its way to surge to a $28,000 USD price. As the token gains price, he has suggested that the recorded highest price at $20,000 USD won’t be a point of resistance when Bitcoin rallies.
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. pic.twitter.com/8Fu3CzdFJa
— Max Keiser (@maxkeiser) August 1, 2020
This comes after a previous comment, where Keiser bullishly suggested that Bitcoin is heading to a 6-figure price. His recent tweet reconfirms his stance that the cryptocurrency will see $28,000 USD with a pullback in play. At the end of last month, he stated:
“$28,000 is in play before we see a pullback – and then we’re heading to 6-figures”.
Bulls Unfazed About Bitcoin Correction
Within the last 24 hours of trading, Bitcoin has taken a step backwards with a modest decline in price. Looking at the trading and value chart from CoinMarketCap, the drop from $12 034,14 USD to $11 018,13 USD is obvious.
However, this action doesn’t seem to be bothering the Bitcoin bulls, who see the drop in price as a shakeout of flaky investors, rather than a bearish decline. Prominent cryptocurrency name and trading investor Scott Melker pointed out that there were bearish divergences (bear divs) before the drop and that a sell-off is unsurprising:
A $1700 $BTC hourly candle (mostly in a few minutes) on extremely high volume, including a similar sell off on $ETH in the middle of the night?
Cool.
There were bear divs everywhere, as I mentioned.
— The Wolf Of All Streets (@scottmelker) August 2, 2020
PlanB, another prominent cryptocurrency figure, also believes that Bitcoin price is on track for a rally. Using his own stock-to-flow (STF) model as a case for the trend, he believes that the price of the cryptocurrency is well on its way to touch $100,000 USD.