Key Points:
- Kruger informs that Bitcoin may rise to $35,000, a 52% increase from present levels, before correcting.
- Bad earnings estimates by public firms are unlikely to cause a drop in Bitcoin price because equities and digital assets now have a low link.
Economist and crypto trader Alex Kruger is positive on Bitcoin (BTC), predicting that the king cryptocurrency will stage a major surge in 2023.
Kruger informs that the top crypto asset by market size may rise to $35,000, a 52% increase from present levels, before correcting.
According to Kruger, such a Bitcoin rise would be consistent with how markets often operate. In particular, normal market dynamics would be a break through $30,000 followed by a pullback. Markets have a habit of running important round levels over, triggering stops, bringing suckers in, and then flushing them out. And $30,000 to $35,000 seems achievable.
Bitcoin is trading for $22,947 at the time of writing, which is down 0.10% over the past 24 hours.
When asked if Bitcoin may fall to between $19,000 and $20,000 this year given its recent climb, Kruger believes it is possible, but $23,000 is more plausible.
He stated that it was still too close for it not to be probable, but not betting on it at the moment.
Been expecting consolidation around $23,000 then higher. By the way, $23,000 or $19,000 doesn’t make much of a difference unless playing big or playing alts.
According to the economist, bad earnings estimates by public firms are unlikely to cause a drop in Bitcoin price because equities and digital assets now have a low link.
However, Kruger believes that the Federal Open Market Committee (FOMCcontinued )’s support for raising interest rates and other monetary policy tightening measures would have an influence on crypto markets, adding that what happens at the next Fed meeting is yet unknown.
A drop from earnings is not my base case and look at most big moves in crypto they are not in tandem with equities any longer … correlation is still there but accounts for a small fraction of PA. A very hawkish FOMC could do it but next FOMC looks like a cointoss to me.
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