Max Keiser, host of the “Keiser Report” on RT news, has predicted that the price of bitcoin will move towards the $28,000 mark before enduring a pullback, after which it will move into six-figure territory.
According to the bitcoin bull, the $28,000 mark is in play thanks to the flagship cryptocurrency’s breach of the $10,000 resistance that it was looking to surpass for over two months. While Keiser did not give a timeframe for his prediction, he assets government money printing will help BTC’s price rise.
The price of bitcoin was moving within the $9,000 and $10,000 marks since late May, as the cryptocurrency’s price was unable to hit five-figure territory. After breaching it over the weekend, BTC has since moved past $11,000, and has kept on going up.
Keiser’s comments seemingly came as he was hitting back at crypto skeptic and gold bug Peter Schiff, who has argued bitcoin is unlikely to ever trade above $25,000, and that last week remarked “silver is the new bitcoin” as the precious metal’s price moved to a six-year high.
In an interview given earlier, Schiff looked at BTC’s past performances so far this year and argued that every time it goes over $10,00 it comes back down. He said:
The last time Bitcoin rose above $10,000 was in May, and it only fell by 15%. It’s above $10,000 again today. How big will the next drop be?
In May, the gold bug even predicted bitcoin will “collapse,” after admitting he likes riling up the cryptocurrency community on social media. In response to Schiff’s preference of bitcoin over gold, Keiser pointed out he believes gold and silver will be “difficult to source” and as a result, the market will move to BTC.
Bitcoin, it’s worth noting, is often compared to gold, with various proponents calling it a digital version of the precious metal. These include Gemini CEO Tyler Winklevoss, who said the cryptocurrency “matches or beats gold across the board,” before pointing out its market cap of less than $200 billion is dwarfed by gold’s $7 trillion market cap.
Featured image by André François McKenzie on Unsplash.