Trader and economist Alex Kruger has revealed that he predicts a rally for the two largest cryptocurrencies by market capitalization during the Christmas holiday season.
Kruger told his 104,800 Twitter followers that a rally led by leveraged traders could last through the end of the year.
According to the crypto trader and economist, Bitcoin (BTC) While it can go over $ 55,000, Ethereum (ETH) reach an all-time high.
“I think the odds are high that by the end of the year there will be a ‘spot-driven’ hated one. christmas rally we are living. BTC breaking above $50,000 is nothing too crazy, ETH could hit all-time highs.
I hate this rally as so many market participants are selling and it can be very difficult to change the bias and buy back. The salespeople will hate it.”
Bitcoin is trading at $49,292 at the time of writing. Ethereum, on the other hand, is trading at $4,064 at the time of writing, down nearly 17% from its all-time high of $4,878.
Kruger stated that he has seen Bitcoin rise above $55,000 due to the existence of an air pocket forming below the mid-$50,000 BTC price.
“I think BTC will go over $50,000 as there is an air pocket there.”
In an upward move, an air pocket is formed when the price breaks out, but the lows of the next few candles do not fall to the lows of the exit candle.
During the downward move, an air pocket is formed when the price breaks out, but the highs of several consecutive candles after the breakout do not rise to the high of the breakout candle.
Kruger also said that while the Federal Reserve’s decision to raise interest rates and cut asset purchases from 2022 does not end the bull cycle, the upside will come with more correction than before.
“The Fed has faltered and the asset purchase program will be phased out, so it’s a good idea not to let bullish prospects get too ambitious. But the bull market continues, but upward moves will not be so easy anymore.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.