Economist and crypto trader Alex Krüger believes that Bitcoin (BTC) is “preordained” to hit $42,000 due to one possible event.
According to a new blog post by Krüger’s financial advisory firm Asgard Markets, the king crypto will likely soar by more than 24% from its current value by the time a possible spot Bitcoin exchange-traded fund (ETF) launches.
The firm also says that a massive BTC rally is expected on the day the U.S. Securities and Exchange Commission (SEC) may approve a spot Bitcoin ETF, which they anticipate happening in January 2024.
“Our view has been that the ETF is quasi-guaranteed, and the SEC would have it approved by January 10th (in January itself, to be precise). We had also been expecting the market to front-run the approval by about a month and a half. But animal spirits have decided to start running now.
Given last week’s large move, we think that BTC consolidating for a few days in the $30,000-$32,000 range before continuation just makes sense. Any dips into the $29,000s are for buying. We also think that the day the ETF gets approved, the market should see a +20% move intraday. We see Bitcoin hitting $42,000 by the time the ETF launches (launch, as opposed to approval).”
“I’m a big big fan of Fibonacci retracements and expansions, also known as astrology for men. $42,000 is not only a major Fib for BTC but also one of the key levels from 2021, the China level.”
BTC is worth $33,756 at time of writing.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE-3