A widely followed economist, Bitcoin (BTC) is currently of the view that traders and investors are in the midst of an extended bull market.
Bitcoin is currently in a supercycle, Alex Krüger says on X stated. He further added that demand for BTC will crush market supply on its way to a six-figure price tag.
Economist, pioneer crypto- While he says the asset is starting to show bearish signals, he notes that inflows from spot market exchange-traded funds (ETFs) could invalidate these readings and push Bitcoin higher.
“Bitcoin is in a super cycle (shorter, shallower declines),” the analyst said. Macro still looks good, Crypto markets are heated and enthusiastic. ETF inflows may continue and push prices even higher regardless.” he stated.
Krüger is also of the view that Bitcoin will rise to $85,000 but will subsequently witness a 35% devaluation.
“We could see something like this: $85,000 => $55,000 => $120,000 => $85,000,” the analyst said. he stated.
As for the timing of BTC’s corrective move, the economist is of the opinion that it could happen closer to the April 2024 halving, when BTC miners’ rewards will be halved.
“A major correction around the halving makes sense,” the economist said. A larger correction around the ETH ETF rejection makes sense. Whatever the path, expect the continuation of the rise, higher prices by the end of the year, and much higher prices by the end of the cycle… Round numbers such as $100,000, for example, need to be crossed.” he stated.
Koinfinans.com As we reported, BTC is trading at $71,300 at the time of writing this news.
