Famous analyst, Alex Krüger has predicted that the crypto market is gearing up for a ‘ballistic’ movement upward. The hugely followed analyst added that bitcoin has called the bottom and expects crypto markets to enter a bullish phase.
In a new live stream, Alex Krüger however warns that if inflation doesn’t decline more, the Federal Reserve may raise interest rates higher than expected which could send crypto to new lows.
Investors King understands that the crypto market has been trading sideways after a rally that started in early January 2023. At the time of writing, Bitcoin was trading at $23,320 coin.
The crypto market however has been under downward pressure, a development some analysts called an opportunity to buy assets at discount.
Data from the Binance platform shows that Bitcoin is trading at -38.3% year over year while Ethereum is trading at -37.3% year over year.
“I think the bottom is in, yeah. I am playing the long side. But I could definitely be wrong. Shit could happen and the bottom could go through. Mainly, inflation could end up being actually sticky as some of the bears are saying based on how payrolls and the US employment market is still really hot”.
Meanwhile, the Bank of America has revealed that 2023 will be a year of crypto price divergence. Recall that the cryptocurrency market is off to a much better start this year than most had expected with the crypto market cap up by 42% year-to-date to $1.1 trillion.
“We expect 2023 to be the year of token price divergence,” the report said, “with tokens that provide utility and a call on cash flows outperforming meme and governance tokens.” the bank noted.
According to the bank, cryptocurrencies that power smart contract-enabled blockchain platforms, on which developers can build applications and small-cap liquid tokens have the potential to lead the new rally.
