Economist and crypto trader Alex Kruger bitcoin He voiced his bullish sentiment for (BTC), signaling that the king of crypto could make a massive rally in 2023.
Kruger told his 150,800 Twitter followers that Bitcoin could rally as high as $35,000, a roughly 52% jump from current levels before a correction takes place. did.
According to the trader, such a rally of Bitcoin would be in accordance with the normal functioning of the markets.
“A pullback after exceeding $30,000 would be in line with market dynamics. Markets tend to break through key levels, trigger stops, set traps and then push them out. In addition, $30,000 – $35,000 is very possible.”
As Koinfinans.com reported, Bitcoin is trading at $22,977 as of this writing.
Alex KrugerHe was asked if Bitcoin would drop to between $19,000 and $20,000 this year following its rise. The trader stated that this is a possibility. However, he stated that $23,000 is more likely.
“Definitely yes. It’s still too close to be unlikely. But I’m not betting on that right now. I expect a consolidation around $23,000 first and then a higher level.”
The economist also noted that weak earnings forecasts of publicly traded companies, stocks and digital assets currently have a weak correlation. He says it is therefore unlikely to trigger a price drop for Bitcoin.
However, Kruger argues that the Federal Open Market Committee (FOMC) is likely to impact the crypto markets, adding that it is still uncertain what will happen at the next Fed meeting.
“A drop in earnings is not my base case, and looking at most big moves in crypto, they are no longer aligned with equities… The correlation still exists but it makes up a small part of the price action. A very hawkish FOMC might do that, but the next FOMC looks like a coin flip to me.”