• Economist and crypto analyst Alex Krüger is bullish on Bitcoin (BTC), saying that the king crypto could mount strong rallies in the near future.
• Krüger explains the importance of the BlackRock spot BTC exchange-traded fund (ETF) application, and says that technically speaking, Bitcoin has a liquidity air pocket between $31,000 and $37,000 from when crypto markets collapsed last year during the disintegration of the Terra ecosystem.
• He also notes that regulations in the US have been getting aggressive since early April which has led to a temporary decorrelation between Bitcoin and other risk assets.
Bitcoin (BTC) Bullishness According To Economist Alex Krüger
Economist and crypto analyst Alex Krüger is bullish on Bitcoin (BTC), saying that the king crypto could mount strong rallies in the near future. In a new Wolf of All Streets stream, he explained why this is so.
Importance Of The Blackrock Spot BTC Exchange-Traded Fund (ETF)
Krüger explains the importance of the BlackRock spot BTC exchange-traded fund (ETF) application. If approved, it could give a real boost to BTC prices as it would be accessible to more investors.
Bitcoin Has A Liquidity Air Pocket
Technically speaking, Bitcoin has a liquidity air pocket between $31,000 and $37,000 from when crypto markets collapsed last year during the disintegration of the Terra ecosystem. If BTC convincingly enters that range, Krüger says a rather dramatic rally could ignite.
Regulatory Pressure Leading To Temporary Decorrelation
Krüger also notes that regulations in the US have been getting aggressive since early April which has led to a temporary decorrelation between Bitcoin and other risk assets. However, he expects BTC and crypto to start moving more in sync with other assets like equities soon.
Conclusion
In conclusion, economist Alex Krüger is bullish on Bitcoin due to potentially good news about its ETF application as well as its technical analysis showing an opportunity for strong rallies if it breaks through certain resistance levels. Additionally regulatory pressure has temporarily caused some decorrelation between Bitcoin and other risk assets but this will likely not stay for long given its increasing relevance as part of mainstream finance