BTC Is Ready For A Breakout Says Economist Alex Krüger

Alex Krüger, an economist and crypto analyst, is bullish on Bitcoin (BTC) and says that the king cryptocurrency could make big gains soon.

Krüger talks about how important the BlackRock spot BTC exchange-traded fund (ETF) programme is in a new Wolf of All Streets stream.

He also says that, from a technical point of view, Bitcoin has a liquidity air pocket between $31,000 and $37,000 because of what happened last year when the Terra environment fell apart. Krüger says that a rather dramatic rally could start if BTC moves firmly into that range.

“We have very strong news [of the] BlackRock Bitcoin ETF, likely being approved. It’s debatable if it’s going to get approved or not – the probability is debatable – the point is right now we have just heard 20% of this news, and the probability is about 50% if not around 75%. So the point is, on the one hand, the market is not positioned right for this. The other point is that the news is huge and not properly priced in yet.

In technical spaces, we are right on the edge of resistance, between $31,000 and $37,000, $37,000 being the lunar level from May 18th or whatever… When some of us had a heart attack and when some of us went out and danced for joy. Anyway. That’s the point of Bitcoin. We’re right at the edge of a breakout. Once it breaks, it should keep on running.”

Krüger also says that Bitcoin is temporarily not moving in sync with other risky assets like stocks because of pressure from regulators. However, he thinks that BTC and other cryptocurrencies will start moving more in line with other assets like stocks.

“I do want to say, on the correlation side, the regulators in the US got very aggressive this year, starting early April. Many large market makers started taking a step outside the market. That made correlations break down to 2020 levels before Bitcoin was a macro asset. That is temporary.”