Bitcoin (BTC) experienced its strongest rally of the year on July 28, surging more than 20% to reach $11,300, its highest level since August 2019. The top cryptocurrency had struggled to break above the key $10,000 resistance since the May 11 halving, but easily cleared that level in the past 48 hours, sparking intense market excitement.
Max Keiser: $28,000 in Play, Six Figures Is the Endgame
Prominent Bitcoin bull and host of the Keiser Report, Max Keiser, issued a series of bold predictions via Twitter. He stated that Bitcoin's current bullish breakout sets it up for a move toward $28,000, though a pullback is likely before the next leg higher. "$28,000 is in play before we see a pullback – and then we're heading to six figures," Keiser forecast.
Keiser attributed the rally to relentless government money printing. This week, the U.S. government announced a new $1 trillion stimulus package, including $1,200 payments to American families for Covid-19 relief. Keiser argues this highlights Bitcoin's value as a scarce digital asset, and with the U.S. dollar weakening, more investors will be forced to turn to Bitcoin.
Pushback Against Peter Schiff's Bearish View
Keiser's prediction directly counters the bearish stance of crypto skeptic and gold advocate Peter Schiff. Schiff had pointed out that Bitcoin typically falls sharply after breaking $10,000—citing declines of 38% and 63% in October 2019 and February 2020, respectively, and a 15% drop after the May breakout. He questioned: "How big will the next drop be?"
Keiser dismissed Schiff as the "worst money manager in history," claiming he had been wrong "for the 500th time in ten years." He sarcastically added that Schiff is "puking his brains out right now" regretting his gold purchases. Keiser noted he had been saying for over a year that silver and gold would become difficult to source and that the market would shift to Bitcoin as a hard money substitute, forcing those who never considered buying BTC to do so.
Gold vs. Bitcoin as Safe Havens
Gold and Bitcoin are often paired as safe-haven investments. Amid massive government stimulus and dollar weakness, Bitcoin's finite supply of 21 million coins becomes increasingly attractive compared to fiat currencies. While Keiser did not provide a specific timeline, he indicated a pullback near $28,000 before the six-figure target. At press time, Bitcoin was trading above $11,000, with market sentiment overwhelmingly bullish.