Economist and crypto trader Alex Krüger believes that Bitcoin (BTC) is “pre-ordered” to reach $42,000 due to a possible event.
According to a new blog job According to Krüger’s financial advisory firm Asgard Markets, the royal cryptocurrency will likely rise by more than 24% from its current value by the time a potential spot Bitcoin exchange-traded fund (ETF) is launched.
The company also claims 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 is expected to happen in January 2024.
“Our view is that the ETF is quasi-guaranteed and the SEC would have it approved by January 10 (January itself, to be precise). We also expected the market to move ahead of approval by about a month and a half. But the animal spirits have decided to start running now.
Given last week’s significant move, we believe BTC consolidating for a few days in the $30,000-$32,000 range before moving on just makes sense. Any drop within $29,000 is for buying. We also believe that on the day the ETF is approved, the market should see an intraday movement of +20%. We see Bitcoin reaching $42,000 around the time of ETF launch (launch, as opposed to approval).
The Economist Remarks that $42,000 is the key Fibonacci retracement level and has also proven to be a key level during 2021 in China. announcement crypto ban.
“I’m a big fan of Fibonacci retracements and expansions, also known as male astrology. $42,000 is not only a major Fib for BTC, but also one of the key levels of 2021, the Chinese level.