Bitcoin

According to Alex Kruger, the rate of bitcoin hitting a new ATH this year is only 17%

Economist Alex Kruger says Federal Reserve Chairman Jerome Powell’s remarks at a November 30th Senate hearing were extremely pessimistic about Bitcoin.

Kruger said Powell’s comments that the Fed could accelerate the decline in bond purchases and that inflation is not “transitory” undermined the chances of Bitcoin reaching an all-time high (ATH) in December.

“Today Powell said the Fed will likely decide to accelerate the tapering (tightening) in December. Markets have reacted negatively and his comments on inflation are no longer temporary.

I don’t think today’s news is enough to change the risky investment trend. I think headwinds have increased and the likelihood of BTC trading new ATH in December has decreased (from ~ 2/3 to ~ 1/2).

The ratio of BTC to ATH implied by the options market is ~ 17% at the end of the year.

The economist says the entire crypto market could become bullish if buyers drive Bitcoin above $ 60,000.

That said, in a strict hedging market, if BTC manages to get back to 60,000, the entire market will explode, driven by spot (as opposed to leveraged) inflows.

Bitcoin is trading at $ 52,797 at the time of writing.

Source: TradingView

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page

CoinX

Recent Posts

Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024

Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…

2 hours ago

Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum

Best Cryptos to Buy in December 2024: Qubetics ($TICS) presale explodes, Ethereum (ETH) eyes a…

5 hours ago

USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products

Palo Alto, California, 21st November 2024, Chainwire

7 hours ago

Best Cryptos to Buy: Qubetics Set to Rise, Bitcoin Knocks at $100k Milestone, Avalanche to Release 1.67M Tokens

Best Cryptos to Buy: Qubetics presale rockets ahead, Bitcoin nears $100k, and Avalanche prepares to…

8 hours ago

Ike Goes Live on Mainnet: Unlocking Liquid Staking on Aleph Zero

London, United Kingdom, 21st November 2024, Chainwire

8 hours ago

Native USDC on Aptos Coming Soon to Boost DeFi and P2P Transactions

The move will see developers utilize USDC on Aptos in creating dApps on a wide…

8 hours ago

This website uses cookies.