Bitcoin’s price is analyzed by analyst Alex Kruger. Check out the latest prediction that he’s making about the price of the most important coin in the crypto market.
It’s been revealed that Alex Kruger says that Federal Reserve Chair Jerome Powell’s remarks at the U.S. Senate hearing on November 30th are bearish for Bitcoin (BTC).
Can BTC reach a new ATH in December?
Kruger said that Powell’s comments that the Fed could accelerate tapering by reducing bond purchases and that inflation is not “transitory” weakens Bitcoin’s chances of hitting a new all-time high (ATH) in December.
“Today Powell offered (without being asked) the Fed would likely decide to accelerate tapering in December. Markets tanked on that and his comments on inflation not being transitory any longer.”
He continued and said the following:
“We don’t think today’s news suffice to change the trend for risk assets. We do think headwinds increased, and odds of BTC trading fresh ATHs in December have dropped (from ~2/3 to ~1/2). Odds of $BTC trading above ATH by year-end implied by the options market are ~17%.”
The economist and trader said that the entire crypto market could turn bullish if unleveraged buyers push Bitcoin above $60,000.
“That said, in a market heavily hedged, if BTC manages to regain the 60ks driven by spot inflows (as opposed to leverage), would expect the whole market to pop and squeeze shorts and hedges.”
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $56,595.
Bitcoin could reach $200k
It’s been just revealed that crypto analyst Nicholas Merten thinks it will be a couple of months before Bitcoin (BTC) exits out of this current sideways accumulation period.
Merten just said that he thinks BTC will break out in late January or early February.
He believes that the king coin could reach $200k soon.