Economist Predicts Bitcoin Will Reach $42,000 Due to Possible ETF Launch
Economist and crypto trader Alex Krüger believes that Bitcoin (BTC) is destined to reach $42,000 due to a potential event. According to a blog post by Krüger’s financial advisory firm Asgard Markets, the price of BTC is expected to surge by more than 24% when a spot Bitcoin exchange-traded fund (ETF) is launched.
The firm also predicts a significant rally in BTC on the day the U.S. Securities and Exchange Commission (SEC) approves a spot Bitcoin ETF, which they anticipate will happen in January 2024.
Krüger’s analysis suggests that BTC will consolidate between $30,000 and $32,000 before continuing its upward trajectory. He also notes that any dips into the $29,000 range should be seen as buying opportunities. The economist expects a 20% intraday increase in the market when the ETF is approved, leading to Bitcoin reaching $42,000 by the time of its launch.
Fibonacci Retracement Level and China Ban
Krüger highlights that $42,000 is a crucial Fibonacci retracement level and has previously served as a key level during China’s crypto ban announcement in 2021.
At present, BTC is valued at $33,756.
Hot Take: Bitcoin’s Potential Surge to $42,000
Economist Alex Krüger believes that Bitcoin’s rise to $42,000 is inevitable due to an upcoming event. Asgard Markets predicts that the launch of a spot Bitcoin exchange-traded fund (ETF) will cause BTC’s price to increase by over 24%. The firm also expects a significant rally on the day the U.S. SEC approves the ETF, estimated to happen in January 2024. Krüger suggests that BTC will consolidate between $30,000 and $32,000 before continuing its upward trend, with any dips into the $29,000 range being buying opportunities. He anticipates a 20% intraday market increase when the ETF is approved, leading to Bitcoin hitting $42,000 upon its launch.
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