Economist Alex Krüger Says Crypto Market Looks Very Strong
According to prominent cryptocurrency and financial market analyst, Alex Krüger, crypto market is showing strength, but it might be difficult for Bitcoin to reach to $100,000 by the end of 2021.
Krüger shares with his 95.1K followers on Twitter followers that for Bitcoin to be valued at $100,000 in just three months might not happen, as the U.S. Federal Reserve is determined to reduce USD supply to flatten the inflation.
But, there is a hugely bullish factor that could change Krüger’s mind: approval of Bitcoin exchange-traded fund (ETF).
“Seeing plenty traders calling for $100,000 by year-end, which makes little sense to me given a hawkish Fed – an ETF approval would change that, though don’t see that happening in 2021. We shall know very soon.
I’ll buy BTC at market on an approval“
Seeing plenty traders calling for $100K by year end, which makes little sense to me given a hawkish Fed.
— an ETF approval would change that, though don't see that happening in 2021. We shall know very soon.
The analyst is also comparing crypto market and stock market performance. According to him crypto is “showing remarkable strength” while the equity market is taking a beating.
“Crypto assets have been showing remarkable strength in the last two days in view of a continued bloodbath in equity markets, where traders have been looking for reasons to sell. Likely driven by month-end fund inflows.”
While macro fundamentals look wary, looking at Bitcoin’s chart things seem better, the economist points out.
“If you go by the chart, have to be very long here. If you go by the macro, have to be wary about the Fed and equity traders fearing a replay of 2018.
I’m going by the chart.
If for whatever reason BTC sees $41,000 again think the price will continue lower next time.”
If you go by the chart, have to be very long here. If you go by the macro, have to be wary about the Fed and equity traders fearing a replay of 2018.
I'm going by the chart.
If for whatever reason $BTC sees 41K again think price will continue lower next time.
