The crypto market seems to be doing better today after a really red few days in which Bitcoin and altcoins’ prices were bloody.
Crypto analyst and economist Alex Kruger is addressing the current state of Bitcoin.
At the moment of writing this article, BTC is trading in the green on CMC. The coin is priced at $10,775.47.
Bitcoin remains in a long-term bull trend
There’s a new series of tweets in which Kruger said that Bitcoin remains in a long-term bull trend.
He highlighted that $9,000 is a crucial support area and he also said that if BTC breaches this level, it will move even lower.
“A break of $9000 would likely see price drop FAST to $8500. Were price to be overextended by then, I’d expect the price to bounce there. Were price to consolidate in the $9500-$9000 range before breaking down, I’d expect $8500 to get run over and price to push into the $7Ks.”
He continued and said: “Many are talking about going long, around $8,500 in the event of a breakdown. $8,500 is a big level, as it represents the 50% retracement of the 2019 move, as well as filling the Jun/14 weekend CME gap. This gap-fill level is not precise due to the futures basis.”
8/ Key PA levels within the range: 9000, 9500, 10300, 10800, 11300, 11500/11600, 12300.
Round levels within the range (10k, 11k, 12k) are there mostly to get run over.
DMAs: 10810 (20), 10850 (50), 9700 (100), 7000 (200). pic.twitter.com/hHLrgAhFm0
— Alex Krüger (@krugermacro) August 17, 2019
According to Kruger, even if such gaps often fill, they are not meant to be filled.
He also highlighted the fact that “Gap filling is a combination of random variations (price moves), self-fulfilled prophecy (traders assign value to gaps), and lack of support/resistance within gaps (i.e. no trades inside).”
Bitcoin to hit up to $50k
Regarding the long run, Kruger said that BTC is bullish and said that he believes BTC will break through $20k in 2020 or 2021.
17/ 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. pic.twitter.com/A2Kv8jQmqU
— Alex Krüger (@krugermacro) August 17, 2019
He believes that eventually, BTC will reach $50k. He also expects a massive FOMO unleash in the future as well, and he sees more investors coming to the crypto space.
