dailyhodl.com
A widely followed economist thinks Bitcoin (BTC) is now in the midst of an extended bull market where traders and investors quickly absorb any sell pressure.
Alex Krüger tells his 166,100 followers on the social media platform X that Bitcoin is now in a supercycle and that demand for BTC will overwhelm market supply en route to a six-figure price tag.
Although the economist says crypto is starting to give off bearish signals, he notes that inflows from spot market exchange-traded funds (ETFs) can invalidate those readings and push Bitcoin to greater heights.
“Bitcoin is in a supercycle (shorter shallower dips).
Macro is still looking good.
Crypto markets are heated up and euphoric.
ETF inflows can sustain and drive prices further regardless.”
Krüger also sees Bitcoin rallying to as high as $85,000 only to witness a 35% devaluation after.
“Can see something like this: $85,000 => $55,000 => $120,000 => $85,000.”
As for the timing of BTC’s corrective move, the economist thinks it can happen close to the April 2024 halving, when BTC miners’ rewards get cut in half.
“A large correction around the halving makes sense.
A larger correction around an ETH ETF rejection makes sense.
Regardless of path, expecting continuation higher, higher prices by year-end, and much higher prices by cycle end…
Round numbers such as $100,000 are meant to be run over.”
The trader is also bullish on a number of crypto categories.
“- The crypto-AI (artificial intelligence) intersection
– The upcoming Eigenlayer ecosystem
– The new Bitcoin ecosystem
– Solana (mostly beta)
– Monad
– GameFi
– Airdrops
– Winners in the perps DeFi (decentralized finance) category.”
At time of writing, BTC is trading for $68,540.
Generated Image: Midjourney