Bitcoin has seen explosive phases in its price in recent weeks. According to several analysts, the price of the asset should continue to grow despite the market circumstances. The economist Alex Krüger is among those who believe in this perspective.
Alex Krüger sees bitcoin price take a new leap
Like several crypto market analysts, economist Alex Krüger believes bitcoin could reach new highs. Currently valued at $31,000, the asset could be worth $37,000 in the near future.
Much of this projection is based on recent developments in the crypto market in relation to demand for BlackRock’s Bitcoin ETF. A procedure whose outcome is not certain, but whose effects on the crypto market would be positive.
Alex Krüger thinks Moreover, BlackRock’s approach will receive the approval of the SEC. This, even if many believe that this eventuality has little chance of materializing. A pessimism in connection with the traditional position of the regulator concerning these procedures.
“We have very good news [du] BlackRock Bitcoin ETF, which will likely be approved. The fact is that we have only heard 20% of this news and the probability is around 50% or even 75%. So the fact is that, on the one hand, the market is not well positioned for this. On the other hand, the news is huge and has not yet been properly assessed,” said the expert in particular.
According to the latter, this perspective on bitcoin should also benefit cryptos as a whole. Even if, explains Krüger, there is currently a weak correlation between bitcoin and altcoins.
This situation, which is linked to the regulatory pressure exerted by the SEC, would be temporary. Which means that in the medium and long term, the valuation of cryptos should continue to progress dynamically.
“As far as correlation is concerned, US regulators have been very aggressive this year, starting in early April. Many large market makers have started exiting the market. This caused correlations to drop to 2020 levels, before bitcoin became a macro asset. It is temporary “underlined the economist.
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