Bitcoin To Soon Hit $42k, Analyst Alex Kruger Says

It has been just reported that the cyrpto analyst Alex Kruger said that we can expect another massive price explosion for Bitcoin soon. Check out the latest reports about this below.

Crypto trader and economist, Alex Krüger, has predicted that Bitcoin (BTC) will reach $42,000 due to a potential event.

According to a blog post by Asgard Markets, Krüger’s financial advisory firm, BTC is expected to surge over 24% from its current value once a spot Bitcoin exchange-traded fund (ETF) is launched.

The firm also anticipates a substantial BTC rally on the day the U.S. Securities and Exchange Commission (SEC) approves a spot Bitcoin ETF, which they believe will occur 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.”

The analyst continued and said this:

“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).”

It is also important the fact that he also said 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.”

Stay tuned for more crypto news.