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.
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.
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.”
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.
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.
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.