Economist and crypto trader Alex Krüger, Bitcoin He believes it was “predetermined” for (BTC) to reach $42,000 due to a possible event.
According to a new article published by Krüger’s financial advisory firm Asgard Markets according tothe king crypto will likely rise more than 24% from its current value when a possible spot Bitcoin exchange-traded fund (ETF) launches.
The firm also says a major BTC rally is expected on the day the U.S. Securities and Exchange Commission (SEC) may approve a spot Bitcoin ETF, which they expect to happen in January 2024.
“Our view was that the ETF was semi-guaranteed and the SEC would approve it by January 10th (January in full). We also expected the market to push the approval forward by about a month and a half. But the animal spirits decided to start running now.
Considering last week’s big move, we think it makes sense for BTC to consolidate in the $30,000-$32,000 range for a few days before resuming. Any decline towards 29,000 is for buying. We also think that on the day the ETF is approved, the market should see a +20% move during the day. “We think Bitcoin will reach $42,000 when the ETF launches (instead of approval).”
Economist says $42,000 is an important Fibonacci retracement level that China announced in 2021 crypto- He stated that it was also a key level during the ban.
“I’m a big fan of Fibonacci retracements and expansions. “$42,000 is not only an important Fib for BTC, but also the China level, which is one of the key levels in 2021.”
Koinfinans.com As we reported, BTC is worth $33,756 at the time of writing.