Real developments and investments in cryptocurrency projects and related business have made one thing for sure that Bitcoin prices will rise but not many have been able to answer the question WHEN?. Well Alex Krüger, a well-known economist, has just provided his judgment and prediction of the events that could be crucial for the bitcoin prices.
Alex Krüger believes that Bakkt and ETF will be the recovery support for bitcoin
Alex Krüger is a well-known economist, primarily focusing on the cryptocurrency industry. He is renowned for his analysis-based predictions. A couple of days back he made some predictions on Bitcoin on Twitter where he provided a sequence of events that could decide the fate of the bitcoin prices. According to Krüger tweet which quoted
- “Bull run on BAKKT & renewed ETF approval narrative early 2019”
- “ETF denied Feb/27, massive crash, goodbye 6k, hello 4k, cleanse all weak hands”
- “Halvening 2020 narrative and re-adjustments lead to a sustained bull run for the rest of 2019 & 2020”
Possible outlook for $BTC:
#1 Bull run on BAAKT & renewed ETF approval narrative early 2019
#2 ETF denied Feb/27, massive crash, goodbye 6k, hello 4k, cleanse all weak hands
#3 Halvening 2020 narrative and re-adjustments lead to sustained bull run for the rest of 2019 & 2020
— Alex Krüger 🇦🇷 (@Crypto_Macro) November 1, 2018
Kruger believes BAKKT & renewed ETF approval in early 2019 will form the base of a bull run which will be sustainable. Whereas if the ETF is rejected there could be a knee-jerk reaction which could drop the bitcoin prices to as low as somewhere in the $4,000 area. Although entry of Bakkt reduces the chances of rejection.
Bakkt is a platform that ICE created for the cryptocurrency, and they are working on creating an atmosphere that is helpful to both retail traders and institutional investors. It aims to offer investor protection and to create products that work with the regulations that the SEC is set up in the United States.
Krüger noted that the next few months of anticipation and excitement will end up boosting the price of Bitcoin, but that does not help in the medium and long-term. He believes action, not anticipation, will establish a medium to long-term rally
This is not the first time Kruger has stated the importance of Bakkt for the Bitcoin Approval. Previously too, he was quoted by a media house when he had said that the approval of CBOE Solid X ETF still is unlikely since the concerns for the SEC have not changed yet. However, if Bakkt shows that they can surpass the volumes of exchanges like Bitmex and Bitfinex, there may be a better chance.
Kruger’s prediction looks realistic as he has given an unbiased hypothesis. It is different from the bullish and bearish predictions that we hear every day from people which at times are baseless.
What is your view of Kruger’s prediction? Do let us know your views on the same?