Famous economist draws attention to 5 events

As Bitcoin (BTC) markets continue to fluctuate, renowned economist Alex Krüger has identified five key factors that should give investors hope. According to Krüger’s analysis, it is possible that Bitcoin will start to rise again towards the end of the year.

Bitcoin breaks through psychological support point

As we reported as Kriptokoin.com, Bitcoin recently fell below the psychological support point at the $60,000 mark. This is due to factors such as selling pressure from the German government and Mt. Gox payments that have caused concern in the market. Krüger explained that these factors will keep the crypto markets in turmoil for a few months but will end after a certain period of time.

According to Krüger, there has been strong activity from Mt. Gox creditors and the German government could influence the markets in the short term. However, he states that this selling pressure is limited and that five main catalysts could trigger Bitcoin’s rise towards the end of the year.

Five catalysts towards the end of the year

Alex Krüger lists five key factors that he believes could cause the price of Bitcoin to rise towards the end of the year. First, there is the prospect of a soft economic landing. This could help the markets to recover steadily. Second, the US Federal Reserve (Fed) is expected to begin a cycle of interest rate cuts. This could create a favorable environment for cryptocurrencies.

The third factor that Krüger sees is a return of the crypto macro correlation. The uncertainties surrounding Germany and Mt. Gox, Bitcoin and other cryptocurrencies could become more aligned with macroeconomic developments. Fourth, Donald Trump’s victory could result in a more favorable regulatory outlook for the cryptocurrency markets.

Impact of FTX creditors on the market

Finally, FTX creditors are expected to receive a payment of around $14 billion to $16 billion in the last quarter of the year. These payments could give Bitcoin and other cryptocurrencies a significant boost if creditors reinvest their funds in crypto markets. Kruger states that FTX creditors can view these payments as a great opportunity.

Krüger predicts that these developments will create a positive environment for Bitcoin and that the price will consolidate at the $50,000 level for a while. From a technical analysis perspective, it seems likely that Bitcoin will trade around the $50,000 mark for a while, filling this area. Downside risks include the $52,000 level and the extreme selling pressure caused by Mt. Gox in the $48,000-$49,000 range. However, Krüger notes that the $40,000 level has a low probability.

Technical analysis and future prospects of Bitcoin

Kruger believes the 200-day moving average (DMA) is at $58,500 and believes a Bitcoin rally to the 200-day moving average is the most likely scenario, predicting that aggressive sellers will re-enter at this level.

Currently, Bitcoin is trading at $55,282, a daily loss of over 4%. However, according to Krüger’s analysis, Bitcoin is expected to return to bullish momentum, driven by the five catalysts mentioned above. Alex Krüger’s analysis offers a promising outlook for Bitcoin and the cryptocurrency markets. Traders can shape their strategies by considering these five factors.

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