A widely followed economist thinks Bitcoin (BTC) is now in the midst of an extended bull market, with traders and investors quickly absorbing any selling pressure.
Alex Krüger tells his 166,100 followers on the social media platform
Although the economist says crypto is starting to send bearish signals, he says notes that inflows from spot traded funds (ETFs) could debunk these readings and push Bitcoin to greater heights.
“Bitcoin is in a super cycle (shorter, shallower dips).
Macro still looks good.
Crypto markets are heated and euphoric.
Either way, ETF inflows could sustain and push prices higher.”
Krüger also sees Bitcoin rising to $85,000 before witnessing a 35% devaluation.
“I see something like this: $85,000 => $55,000 => $120,000 => $85,000.”
As for the timing of BTC’s corrective action, the economist believes it could happen just before the April 2024 halving, when BTC miners’ rewards will be halved.
“A major correction around the halving is logical.
A larger correction around an ETH ETF rejection makes sense.
Regardless of the trajectory, we expect a continuation of higher prices, higher prices towards the end of the year and much higher prices towards the end of the cycle…
Round numbers sThe plan is to run over $100,000.”
The trader too optimistic on a number of crypto categories.
“- The intersection between crypto and AI (artificial intelligence).
– The upcoming Eigenlayer ecosystem
– The new Bitcoin ecosystem
– Solana (usually beta)
– Monad
– GameFi
– Air droplets
– Winners in the DeFi (decentralized finance) offender category.
At the time of writing, BTC is trading at $68,540.
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Generated image: Midjourney