By The Daily Hodl - 6 months ago - Reading Time: 2 minutes
$42,000 Bitcoin Target Is ‘Preordained,’ According to Economist Alex Krüger – Here’s Why
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).”
The economist notes that the $42,000 is a key Fibonacci retracement level and also proved a key level during China’s 2021 announced crypto ban.
“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.”
Source: Alex Krüger/XBTC is worth $33,756 at time of writing.
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Original source: The Daily Hodl