A top crypto analyst and economist is looking at fundamental factors which he says can determine whether Bitcoin will ascend to $100,000 by the end of the year.
Alex Krüger tells his 95,000 Twitter followers that a $100,000 Bitcoin price tag in three months is a tough sell given the U.S. Federal Reserve Bank’s inclination to reduce the money supply to tame inflation.
However, Krüger says he will immediately change his mind if a Bitcoin exchange-traded fund (ETF) is approved.
“Seeing plenty traders calling for $100,000 by year-end, which makes little sense to me given a hawkish Fed – an ETF approval would change that, though don’t see that happening in 2021. We shall know very soon.
I’ll buy BTC at market on an approval“
Krüger is also looking at the performance of the crypto market, which he sees showing “remarkable strength” amid the stock market sell-off.
“Crypto assets have been showing remarkable strength in the last two days in view of a continued bloodbath in equity markets, where traders have been looking for reasons to sell. Likely driven by month-end fund inflows.”
The crypto analyst adds that Bitcoin’s chart looks promising despite threats from macro fundamental factors.
“If you go by the chart, have to be very long here. If you go by the macro, have to be wary about the Fed and equity traders fearing a replay of 2018.
I’m going by the chart.
If for whatever reason BTC sees $41,000 again think the price will continue lower next time.”
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Featured Image: Shutterstock/Kiselev Andrey Valerevich
