Alex Krüger Predicts Bitcoin Will Continue to Rise Despite Recent Fall
Bitcoin Can Rise Much Further
Economist Alex Krüger discusses the factors contributing to Bitcoin’s recent rise and argues that there is still room for further growth. In a podcast hosted by Scott Melker, also known as The Wolf Of All Streets, Krüger highlights three key factors driving the price increase.
1. Spot Bitcoin ETF News
Krüger emphasizes the significance of the news regarding BlackRock’s request for a spot Bitcoin ETF. He believes that this development has not yet been fully reflected in the price and could potentially lead to further increases. The anticipation surrounding the approval of the ETF has already contributed to a more than 20% surge in Bitcoin’s price.
2. Resistance Levels
The current price level of approximately $31,000 represents an important resistance level that was established in the wake of the Terra (LUNA) ecosystem’s implosion last year. Another significant resistance level is around $37,000, which hindered Bitcoin’s price in 2021 and 2022. Krüger suggests that if Bitcoin continues to rise, it could surpass these levels, indicating even more potential for growth.
3. Temporary Regulatory Pressure
Krüger attributes the recent price drop to the stringent regulatory measures imposed on cryptocurrency companies by US authorities. He believes that this pressure is only temporary and expects Bitcoin’s price movement to normalize in the future, aligning with its status as a macro asset.
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Bitcoin Popular Despite Recent Fall
Despite experiencing a slight decline in value at the time of writing, Bitcoin remains immensely popular. Surprisingly, 8% of the Dutch population owns Bitcoin, highlighting the widespread adoption of the cryptocurrency. Prior to the recent fall, Bitcoin briefly reached an annual record high.
Conclusion
Contrary to fears of a major crash, economist Alex Krüger predicts that Bitcoin will continue to rise based on the factors mentioned above. The news of a potential spot Bitcoin ETF, resistance levels, and temporary regulatory pressures all contribute to his optimistic outlook for the cryptocurrency. Although Bitcoin has experienced a recent fall in price, it remains popular and shows strong potential for future growth.