Bitcoin Halving Impact Fades as Demand Takes Center Stage
According to reports, the Open Interest in Bitcoin is now 30 times higher than it was 11 days before the 2020 Bitcoin halving.
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.