Economist and crypto trader Alex Krüger predicts that this year will end strong for Bitcoin and Ethereum, stating that an uptrend in these digital assets will begin. Here are the details.
Cryptocurrencies are emerging as digital assets that have attracted more and more attention in recent years and have great potential. Bitcoin and Ethereum, in particular, have a large following around the world and show significant fluctuations in their prices.
Alex Krüger has extensive experience as an economist in the cryptocurrency market and analyzes the price movements of these assets. Krüger said that an uptrend in Bitcoin and Ethereum will begin, with the expectation that the Federal Reserve will cut interest rates to rein in inflation. guess is doing. In this case, investors may be interested in cryptocurrencies with the expectation that the markets will start to recover as early as August.
“The Fed raised rates by 20 x 25 bps (basis points) in the fastest and most aggressive bullish cycle in history. This means that at least 90% of Fed increases are behind (if not all). That’s all that matters to me, and it makes it easy to stay long. That’s been my view all year.
My basic view is a December pivot and a bull market accelerating in early August to highlight it. From where? The economy is slowing and inflation is falling. The Fed is forced to go over the limit due to its past mistakes…which increases the likelihood of a pivot when the data reverses.”
Krüger believes that even if the Fed does not give up on raising interest rates in December, markets will close 2023 higher than they do today.
Besides, the crypto trader said that he opened long positions in both BTC and ETH. According to Krüger, Bitcoin is struggling to break past the key $30,000 level because investors are selling on rally and volume.
However, Krüger argues that if Bitcoin can surpass the $30,000 level, the crypto king will likely rise if a head and shoulders pattern does not form.
“If the market manages to break above $30,000, TA (technical analysis) it’s a big fail. [baş ve omuz modeli] indicates that it is a bear trap.”
However, the crypto trader also warns that the digital asset could show further weakness if Bitcoin retests $26,000.
Bitcoin is trading at $27,702 at press time, while Ethereum is trading at $1,904.
You can follow the current price action here.