As the cryptocurrency market continues to favor the bulls, a well-known economist and crypto investor Alex Kruger, communicated his bullish stance on the leading cryptocurrency bitcoin (BTC), per a series of tweets on Thursday.
The professional crypto analyst expects the rally in bitcoin (BTC) price, which began in early January to continue to a certain higher high before the inevitable correction sets in. While bitcoin is currently changing hands at $23,304 at the time of writing, Kruger noted that BTC is bound to touch the $32,000 level before retracing to the $28,000 price zones.
“The bearish and risk-averse will be able to safely buy the bitcoin dip from 32k to 28k later in 2023,” he wrote. He added that the predicted price action would not be a surprise to many, dubbing it a ‘normal market dynamics’.
He wrote, “Joke aside, breaking through 30k then pulling back would be normal market dynamics. Markets tend to run key round levels over, trigger stops, bring suckers in, then flush them out. And 30k-35k looks very doable.”
Responding to those who asked to know the possibility of BTC retesting the $19,000 to $20,000 zones after this remarkable rally and if policies from government entities like the Federal Open Market Committee could play a role in that, Kruger wrote:
“Yes definitively. It’s still too close for it not to be probable. But I’m not betting on it at the moment. Been expecting consolidation around $23k then higher. By the way, $23k or $19k doesn’t make much of a difference unless playing big or playing alts.”
“A drop from earnings is not my base case and look at most big moves in crypto; they are not in tandem with equities any longer. Correlation is still there but accounts for a small fraction of price action. A very hawkish FOMC could do it but next FOMC looks like a coin toss to me.”
A drop from earnings is not my base case and look at most big moves in crypto they are not in tandem with equities any longer … correlation is still there but accounts for a small fraction of PA. A very hawkish FOMC could do it but next FOMC looks like a cointoss to me.
— Alex Krüger (@krugermacro) January 25, 2023