BTC Price Rally: Expert Economist Predicts Massive 50% Surge for Bitcoin
Bitcoin price has hit a psychological resistance level at $23k after breaking through last week’s roof around $21k. On one hand, short-term traders and miners are taking profit from the relief rally after the painstaking bearish sentiment last year. On the other hand, long-term holders have been identified as taking the opportunity to stash more coins in the past few weeks.
As such, popular crypto economist Alex Kruger has highlighted that Bitcoin hitting $30k to $35k this year is very doable. However, Kruger cautioned traders that a retrace to the $19k to $23k is also likely as the market stabilizes.
Bitcoin Price Action Outlook
In his remarks, the longtime crypto economist highlighted that risk-averse traders will have a chance to enter the Bitcoin market after the price dips from $32k to $28k later this year.
In the comment section, one of the followers asked if a fall in market equities this year will affect the crypto market. Moreover, a lot of institutional investors have directly exposed themselves to the crypto market including Tesla which just reported a $184 million Bitcoin bag. In his response, Kruger noted that the correlation between Bitcoin and the market is insignificant to account for huge price actions.
“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,” Kruger noted.
Kruger‘a remarks in Bitcoin price action have been reiterated by crypto analyst Altcoin Sherpa who thinks Bitcoin will repeat a similar move in 2019 but with lesser volatility.