Crypto trader and economist Alex Krüger predicts a significant surge in Bitcoin‘s price to $42,000, largely due to the anticipated approval of a spot Bitcoin ETF by the SEC, expected in January 2024. This information was revealed in a blog post by Asgard Markets, Krüger’s advisory firm.
Krüger suggests that the market will likely anticipate the event six weeks ahead, driven by investor sentiment. He foresees Bitcoin stabilizing in the range of $30,000-$32,000 before making further gains. Market dips into the $29,000s are seen as potential buying opportunities.
On the day of the ETF approval, an intraday move of +20% is expected, which would mark a significant rally for Bitcoin. The $42,000 target stands out as a crucial Fibonacci retracement level and was also a key milestone during China’s crypto ban in 2021.
Krüger’s analysis underscores the influence of regulatory decisions on cryptocurrency prices and highlights the potential opportunities for investors amidst market fluctuations.
