Alex Kruger, an economist, and a well-known market analyst is not worried when it comes to medium-term trends even though it had a recent price weakness. He also said that before 2020 ends, there is a possibility that Bitcoin could pull a “Tesla”. In the coming months, it could pull off a Tesla-like rally, according to the market analyst.
BITCOIN COULD PULL A LARGE RALLY IN THE MONTHS AHEAD
Despite the price weakness, it has experienced just recently, Alex Kruger is having no concern regarding Bitcoin’s medium-term trend. Recently, he discussed that he believes that the cryptocurrency could end up doing a “Tesla”-like the rally in the coming months. He stated:
Later after that, he added that he would be encouraged to release additional capital into the cryptocurrency market if he gets a Bitcoin price drop to the $13,000 region.
Kruger is pointing to how the cryptocurrency soared higher from the summer 2019 lows to fresh all-time highs as we now see when he talked about the Tesla-like rally.
MACRO TREND INTACT
On the other hand, others are still believing that the bull trend is still intact. Recently, Tyler Winklevoss, a Bitcoin billionaire and the CEO of Gemini, expressed his thoughts on the matter. He said that before 2020 ends, we will witness an all-time-high price for Bitcoin. He further said that it has not really gone on a breakout run just yet. This is the case even though the price has increased from 10K to almost 14K in less than a month.
Furthermore, a former hedge fund manager and the CEO of Real Vision, Raoul Pal, stated that the cryptocurrency could move even higher.
Moreover, he thinks that because of a number of macro trends, Bitcoin could hit a $100,000 price and beyond in this market cycle. Specifically, he pointed out the institutional involvement in the leading cryptocurrency. It could push the coin into fresh heights because of the record inflows.