š±ššš Economist Alex KrĆ¼ger Says Bitcoin Target $42,000 'Predetermined' - Here's Why
Economist and crypto trader Alex KrĆ¼ger believes that it is "predetermined" that Bitcoin ( BTC ) will reach $ 42,000 due to a possible event.
According to a new blog post from KrĆ¼ger's financial consulting firm Asgard Markets, when a possible spot Bitcoin exchange-traded fund (ETF) is launched, the king cryptocurrency will probably rise by more than 24% from its current value.
The firm also says that a big BTC rise is expected on the day the US Securities and Exchange Commission (SEC) may approve the spot Bitcoin ETF, which they expect to happen in January 2024.
"Our view is that the ETF is semi-guaranteed and the SEC will approve it by January 10th (to be precise, in January). We also expected the market to receive the approval about a month and a half ahead. However, the animal spirits decided to start running now.
Given the big move last week, we think it makes sense for BTC to consolidate in the December range of $30,000-$32,000 for a few days before continuing. Any drop to $29,000 is for purchase purposes. We also think that the market should see a +20% movement during the day on the day the ETF is approved. We see that Bitcoin reached $ 42,000 when the ETF was launched (launch instead of approval).
The economist notes that $ 42,000 is an important Fibonacci retracement level and also proves to be an important level during the crypto ban announced by China in 2021.
I'm a big fan of Fibonacci retractions and expansions, also known as astrology for men. $ 42,000 is not only a big Fib for BTC, but also the Chinese level, which is one of the most important levels of 2021.
Source: Alex KrĆ¼ger/X
BTC was worth $33,756 at the time of writing.
#BTC #etf #Binance
Economist and crypto trader Alex KrĆ¼ger believes that it is "predetermined" that Bitcoin ( BTC ) will reach $ 42,000 due to a possible event.
According to a new blog post from KrĆ¼ger's financial consulting firm Asgard Markets, when a possible spot Bitcoin exchange-traded fund (ETF) is launched, the king cryptocurrency will probably rise by more than 24% from its current value.
The firm also says that a big BTC rise is expected on the day the US Securities and Exchange Commission (SEC) may approve the spot Bitcoin ETF, which they expect to happen in January 2024.
"Our view is that the ETF is semi-guaranteed and the SEC will approve it by January 10th (to be precise, in January). We also expected the market to receive the approval about a month and a half ahead. However, the animal spirits decided to start running now.
Given the big move last week, we think it makes sense for BTC to consolidate in the December range of $30,000-$32,000 for a few days before continuing. Any drop to $29,000 is for purchase purposes. We also think that the market should see a +20% movement during the day on the day the ETF is approved. We see that Bitcoin reached $ 42,000 when the ETF was launched (launch instead of approval).
The economist notes that $ 42,000 is an important Fibonacci retracement level and also proves to be an important level during the crypto ban announced by China in 2021.
I'm a big fan of Fibonacci retractions and expansions, also known as astrology for men. $ 42,000 is not only a big Fib for BTC, but also the Chinese level, which is one of the most important levels of 2021.
Source: Alex KrĆ¼ger/X
BTC was worth $33,756 at the time of writing.
#BTC #etf #Binance