Cryptocurrencies

Economist Alex Krüger Sees 5 Opportunities for Bitcoin


Popular macro economist Alex Krüger sees opportunities for Bitcoin to rise despite the huge price drops. Although he expects erratic price action in the coming months, due to the German government’s sales and the billions of dollars of Bitcoin from Mt. Gox coming onto the market.

5 Positive Developments for Bitcoin

Despite the misery we are currently experiencing due to the millions of dollars in Bitcoin that the German government is selling, Alex Krüger also sees positive developments.

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Thus, he expects bullish price action for Bitcoin thanks to a “soft landing” of the US economy, the start of rate cuts by the Federal Reserve, the resumption of macro correlation once the Germany/Mt. Gox misery is over, a Donald Trump victory in the US elections and finally, inflows from FTX creditors.

In 2022, FTX will not pay its users back in crypto, but in US dollars. According to Alex Krüger, this means that around 14 to 16 billion dollars will end up in the hands of people who may use this capital to buy more Bitcoin.

That could provide the boost the market needs to resume the bull market.

Consolidation around $50,000 for Bitcoin

Until then, Krüger expects Bitcoin to continue consolidating around the $50,000 price point.

“If I look down, I expect prices of $52,000 to $48,000 are possible. We won’t go any lower than that, unless the economy goes into a recession,” the economist says.

Bitcoin 200-day moving average (blue line). Source: Alex Krüger/Tradingview

“At the top we have the 200-day moving average at $58,500. A rally to that line is the most likely scenario for me. But that’s where the aggressive sellers will jump in again,” said Krüger.

At the time of writing, the Bitcoin price is trading at $57,400 and is down 0.90% over the past 24 hours.



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