Bitcoin

Although Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) is back below the $31,000 level it had briefly surpassed earlier, economist and trader Alex Krüger is <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bullish</a> on it, setting a high price target, particularly in light of the recent spot <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> exchange-traded fund (<a href="https://finbold.com/guide/exchange-traded-funds-etfs/" rel="noopener noreferrer nofollow">ETF</a>) applications.According to Krüger, the news of the world’s largest asset manager, BlackRock (NYSE: <a href="https://finbold.com/stock/blackrock-stock-blk/" rel="noopener noreferrer nofollow">BLK</a>), <a href="https://finbold.com/blackrocks-record-of-etfs-approved-by-the-sec-is-575-1/" rel="noopener noreferrer nofollow">filing</a> for a spot <a href="https://finbold.com/guide/what-is-bitcoin-etf/" rel="noopener noreferrer nofollow">Bitcoin ETF</a> was “huge and not properly priced in yet,” as he told <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">cryptocurrency trader</a> and <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investor</a> Scott Melker, a.k.a. The Wolf Of All Streets, in a <a href="https://www.youtube.com/watch?v&#61;x8MEOAM_uPQ" rel="noopener noreferrer nofollow">podcast</a> streamed on July 3.<blockquote>“We have very strong news of the BlackRock Bitcoin ETF likely being approved. It’s debatable if it’s going to get approved or not (…), but the point is right now, we’ve just moved 20% on this news. And the probability is definitely above 50%, if not around 75%. So the [first] point is, on one hand, the market is not positioned right for this.”</blockquote><h2 id="header-0">Resistance at $31,000 – $37,000</h2>The second point, according to him, is that the maiden <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> asset is “right on the edge of <a href="https://finbold.com/guide/support-and-resistance/" rel="noopener noreferrer nofollow">resistance</a> (…) between $31k to $37k,” where $37,000 is “the lunar level” from mid-May, “when some of us almost had a heart attack, and some of us went out and danced in joy. (…) We’re right at the edge of a breakout, and once it breaks, it should keep on running.”On top of that, the economist highlighted that the recent trend of Bitcoin’s decorrelation with other risk assets was only temporary and likely due to the ongoing <a href="https://finbold.com/category/regulations-news/" rel="noopener noreferrer nofollow">regulatory</a> offensive that has seen multiple lawsuits filed against major participants in the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto market</a>.<blockquote>“On the correlation side, the regulators in the US got very aggressive this year, starting in early April. Many large market makers started taking a step outside the market. That made correlations break down to basically 2020 levels before Bitcoin was a macro asset. That is temporary.”</blockquote><h2 id="header-1">Bitcoin price analysis</h2>In the meantime, the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset is changing hands at the price of $30,293, which represents a decline of 2.38% on the day but still a 0.65% gain in the previous week and an increase of 13.54% on its monthly chart, according to the latest data retrieved on July 5.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/95f90a29f13244f2aa54427c570f82e3.png" />Bitcoin 30-day price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>At the same time, the crypto market expert Willy Woo believes that Bitcoin is in for another price squeeze following the sustained increase in demand coming from institutional and professional investors in Bitcoin <a href="https://finbold.com/guide/futures-trading/" rel="noopener noreferrer nofollow">futures</a>, as Finbold <a href="https://finbold.com/crypto-guru-willy-woo-predicts-bitcoin-price-boom-as-demand-skyrockets/" rel="noopener noreferrer nofollow">reported</a> earlier.Watch the entire video below:<react-video url="https://youtu.be/x8MEOAM_uPQ"></react-video>Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Economist Alex Krüger forecasts a strong Bitcoin rally with this bullish target

Table of Contents

Finbold

Other articles published on Jul 6, 2023

Matrixport Predicts Bitcoin to Soar to $125,000 by the End of 2024

Binance to soon retire BTC, XRP, DOGE, and ADA deposits addresses

Circle launches beta test of wallet-as-a-service for developers

Bitcoin ETF Bullish Effect on Bitcoin (BTC) Price Has One More Signal, Analyst Says

Shiba Inu Sees Surge in New Daily Addresses Despite Sluggish Price Performance

Hong Kong University Calls for Government-Backed HKD Stablecoin

Join our free newsletter for daily crypto updates!