Economist and crypto trader Alex Krüger has expressed a bullish outlook on Bitcoin (BTC) and Ethereum (ETH), forecasting a strong finish for both cryptocurrencies this year.
In a recent tweet, Krüger shared his views, suggesting that the Federal Reserve is likely nearing the end of its interest rate hikes aimed at curbing inflation and could pivot as early as December.
Krüger anticipates that the markets will foresee the Fed’s pivot and start rallying, possibly as early as August. He pointed out that the Fed has already implemented 20 rate hikes of 25 basis points each, marking its most aggressive hiking cycle in history. He believes that at least 90% of the Fed’s hikes are already behind us, which is a key factor in his bullish stance on Bitcoin and Ethereum.
Even if inflation remains persistent and the Fed does not pivot in December, Krüger still expects Bitcoin and Ethereum to end 2023 on a higher note than their current trading levels. He attributes this to the fact that the Fed is at least 90% done with its rate hikes and the ongoing AI revolution.
Krüger has taken long positions on both BTC and ETH, betting on significant upward movements for both cryptocurrencies. He noted that Bitcoin has been struggling to cross the crucial $30,000 level due to investors selling on rallies and volume. However, if Bitcoin manages to surpass $30,000, then the market could experience a major bear trap, leading to high odds of a strong upward surge.
On the other hand, Krüger cautioned that the digital asset may show further weakness if Bitcoin retests the $26,000 level. This could be a good spot to derisk if very long.
In conclusion, Krüger’s bullish outlook for Bitcoin and Ethereum suggests that despite the challenges, both cryptocurrencies have the potential for a strong finish this year. His views offer a positive perspective for investors in these two cryptocurrencies, highlighting the potential for significant gains in the coming months.
Source: Read Full Article