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- Economist and leading market analyst Alex Kruger is not worried about Bitcoin’s medium-term trend despite recent price weakness.
- He says the coin could pull a Tesla-like rally in the months ahead.
Bitcoin could lead to a big rally in the months to come
Economist and leading market analyst Alex Kruger is not worried about Bitcoin’s medium-term trend despite recent price weakness. The analyst recently declared who thinks cryptocurrency could end up pulling a “Tesla” -like rally in the months to come:
“I was asked if there is a level at which I would significantly reduce my exposure to bitcoins. There is not. There are levels at which I would reduce exposure if intraday price action and / or funding metrics indicate. that a local high could be entered. That’s it. $ BTC revisiting 13K would make sense in a graphical sense. But many current inflows are independent of the chart. $ BTC could tear faces in the next 2-3 months, pull a Tesla. The profile of returns remains asymmetrical. So don’t bet on a withdrawal. “
$ BTC revisiting 13K would make sense in a graphic sense. But many current inflows are independent of the chart. $ BTC could rip faces in the next 2-3 months, pull a Tesla. The yield profile remains asymmetrical. So don’t bet on a pullback.
– Alex (@classicmacro) November 14, 2020
He later added that if he gets a drop in Bitcoin’s price in the region of $ 13,000, he would be inclined to hand out additional capital in the cryptocurrency market.
With a rally similar to Tesla’s, Kruger refers to how the cryptocurrency has skyrocketed from summer 2019 lows to new all-time highs as we now see.
Macro trend intact
Others are convinced that the uptrend is intact. Tyler Winklevoss, CEO of Gemini and Bitcoin billionaire, recently said on the matter:
“I think we will see a record price for #Bitcoin before the end of 2020. Even though the price has gone up from 10k to nearly 14k in less than a month, it’s still not going very well. When we start to see 3-5k surges, the bulls will be on the run “.
Raoul Pal, CEO of Real Vision and former hedge fund manager, also said recently that the cryptocurrency could move even higher.
“There are literally only two resistances left on the #bitcoin chart: 14,000 and then the old all-time high of 20,000. I expect new all time highs at the beginning of next year at the latest. Bitcoin’s performance is so dominant and so all-encompassing that it will suck in every single asset narrative and spit it out. Never before in my career have I seen a trade so dominant that holding other assets hardly makes sense. The macro, flows, technology, demographics and social tensions are all converging at this moment in time and the definitive answer from the markets is – #bitcoin. “
Pal believes Bitcoin could reach a price point of $ 100,000 and above in this market cycle due to a number of macro trends. It particularly highlighted institutional involvement in the major cryptocurrency, which could take the coin to new heights due to record inflows.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k
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