Despite the current bearish sentiment in the market, Bitcoin (BTC) could eventually reach a new all-time high. This is according to Max Keiser, a recognized Bitcoin investor and supporter, who considers that the most popular digital asset could surge to $28,000. He said that in a recent tweet published on September 1st.
Could Bitcoin Reach New Highs?
According to Max Keiser, Bitcoin’s hash rate continues to grow and it is getting closer to 90 million HT/s. Blockchain.com shows that Bitcoin’s hash rate has reached the highest point ever on August 31st at 84 million HT/s.
As Mr. Keiser explains, the cryptocurrency could surge to $28,000 in the near future taking into account the hash rate increase that Bitcoin experienced over the last months. His prediction comes after Bitcoin fell under $10,000 and it remains close to $9,600.
#Bitcoin hash approaches 90 Quintillion. Per protocol’s hard-coded Game Theory, hash precedes price. $28,000 in play.
— Max Keiser, tweet poet. (@maxkeiser) September 1, 2019
Due to this price decrease, many investors and enthusiasts started talking about a new bear trend in the crypto market. However, there are several analysts that remain bullish about the future of the most popular cryptocurrency.
According to the Founder and CEO of Global Macro Investor and Real Vision Group, Raoul Pal, we could be in the last moment, to board the rocket ship. He analyzed the current wedge pattern that Bitcoin has currently formed and that he considers that it has “a high probability of success.”
I LOVE wedge patterns like this. They have a high probability of success.
Good luck. There is a "shit ton" going on in macro land. pic.twitter.com/tmNzxkcgTQ
— Raoul Pal (@RaoulGMI) September 1, 2019
In order for Bitcoin to reach $28,000 before the end of this year, it would have to grow 191 percent in just four months. Although this is not impossible, Bitcoin would have to show it is resilient and it can move above $10,000 in the near future.
One of the main catalysts for Bitcoin’s price increase could be related to the upcoming halving in May 2020. With this halving going to be taking place in the near future, the digital currency is expected to reduce the new issuance of coins from 12.5 BTC per block to 6.25 BTC per block. If there is a growing demand from institutional and retail investors, this is clearly going to have a bullish effect on the price of Bitcoin.
According to the cryptocurrency analyst Plan B, Bitcoin’s halving event could help the digital currency surpass $55,000. If that happens, Bitcoin would almost triple its previous all-time high of $20,000 registered in December 2017.
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