Bitcoin (BTC), the top-ranked cryptocurrency by market capitalization continues to favour the bulls as the asset has been on an impressive uptrend since the new year began. Notably, in the last 30 days, the BTC price has risen by about 40%.
But how long can this rally last? Are the prevailing economic factors and market history signifying a sustainable upswing? Or is it just a pump-and-dump case?
Let us hear what some prominent crypto strategists have to say about the reaction and price action of bitcoin (BTC) in the market. You can decide to take their word for it or not. But it is pertinent to carry out your own research and be responsible for the decision you make.
A close look at the BTC/ USDT chart shows that the asset is facing a bit of resistance at the $23,000 level. Hence, this price is somewhat very critical for every trader to watch.
Expert Economist States Why Bitcoin (BTC) Surging by Over 40% from $23K Is Feasible
While some analysts and other crypto traders assert that the prevailing bitcoin price surge isn't sustainable, expecting it to flash crash, Alex Kruger states otherwise. The expert economist and crypto trader believe that BTC price can pump by over 40% from its price at the time of writing – $23,000. This implies that his target for bitcoin in the mid-term is $32,000 and above.
In a Twitter thread published on Thursday, Kruger communicated his bullish stance on the leading cryptocurrency to his 151k followers. However, the professional crypto pundit noted that BTC would certainly retrace slightly as it is a normal market dynamic but after touching the $32,000 - $35,000 level. Alex Kruger wrote:
Joke aside breaking through 30k and then pulling back would be normal market dynamics. Markets tend to run key round levels over, trigger stops, bring suckers in, then flush them out. And 30k-35k looks very doable.
He expects BTC to fall back to the $23,000 level after hitting this predicted high. In his words:
The bearish and risk-averse will be able to safely buy the bitcoin dip from 32k to 28k later in 2023.
Furthermore, Kruger also pointed out that the asset can plummet further to the $19,000 - $20,000 levels in response to a question from one of his followers.
"It's still too close for it not to be probable. But I'm not betting on it at the moment. Been expecting consolidation around 23k then higher. Btw 23k or 19k doesn't make much of a difference unless playing big or playing alts, "he said.
According to him, policies from government entities like the Federal Open Market Committee (FOMC) could play a role in deciding the fate of Bitcoin prices. He wrote:
A drop in earnings is not my base case and look at most big moves in crypto they are not in tandem with equities any longer. Correlation is still there but accounts for a small fraction of price action. A very hawkish FOMC could do it but the next FOMC looks like a coin toss to me.