Alex Kruger Believes Bitcoin Price Will Reach $50,000 By 2021
Alex Kruger, the popular economist, and the crypto analyst believes that bitcoin will surpass the $20,000 price limit and will reach up to $50,000 by the end of 2021 and we read more about his predictions in the latest cryptocurrency news today.
In a Twitter thread that was published on Saturday, Alex Kruger noted his argument for the bitcoin price reaching a high of $50,000 by 2021 at the latest. According to him, there is much more weight of positive factors than negative that could impact the new trajectory Bitcoin has set its foot on:
â€˜â€™Bigger picture, the upside is IMO considerably larger than the downside. Think $BTC will eventually break through $20K, in 2020 or 2021, and once it does, it should trade $30K, $40K and $50K fast. Must be long for when that happens, and enjoy the ride as others FOMO in.â€™â€™
Currently, the price of the number one crypto assets is under resistance in the region above the $10,000 level and has settled in a range between $9,000 and $12,000. Kruger also noted the possibility of bitcoin dropping to $8,500 which is the midway point of the current performances for the year. Some other commentators stated that one of the reasons for the bitcoin retracement could be the CME futures gap. For Alex Kruger, filing the CME gaps is not a mere pointing to the absence of significant support or resistance as such price levels. The focus on the unfilled gapes just takes away from the never-ending trading activities occurring in the spot market. However, if bitcoin goes below the $9,000 price point, there is a chance of a huge fall to the $8,500 price mark. According to Kruger however, any further downward slide should be taken as a â€˜â€™giftâ€™â€™ or a buying opportunity which will help traders prepare for a fast upward movement beyond the current 2019 highs.
While the signs all point for a bullish long-term for Bitcoin, Kruger believes that there are some strong headwinds for BTC. The profitability for miners is still high as long as the price of the number one asset remains positive. It will not be weird for miners to simply HODL not just for profits but revenue to be plugged in to cover the rest of the nodes as explained in the altcoin news previously.
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