Economist Predicts Bitcoin to Reach $120,000 in June
Economist and trader Alex Krüger has shared his bullish outlook on Bitcoin (BTC), suggesting that the leading cryptocurrency is poised for further gains in the upcoming weeks, driven by a specific catalyst.
Krüger’s Bullish Forecast
With a substantial following of 210,500 on the social media platform X, Krüger has expressed his belief that Bitcoin could soar to $120,000 by June. He attributes this potential surge to a proposed distribution of approximately $5 billion to creditors of the collapsed crypto exchange FTX at the end of May. Krüger anticipates that this influx of funds will re-enter the crypto market, particularly as the creditors are expected to be major claim holders.
Potential Bearish Trend in July
Despite his optimistic short-term outlook, Krüger has cautioned that Bitcoin may face a bearish turn in early July due to the uncertainties surrounding the ongoing tariff disputes. He highlights July 9th as a crucial date to monitor, suggesting that the market could become apprehensive about tariffs leading up to this deadline.
Contrasting Views
While Krüger remains bullish on Bitcoin, crypto analyst Justin Bennett offers a different perspective. Bennett warns of a potential drop below $100,000 for Bitcoin, especially after failing to decisively breach its resistance level at around $110,000. He has initiated a short position and is eyeing a target range of $96,000 to $97,000.
As of the latest update, Bitcoin is trading at $107,435, slightly below its recent all-time high of nearly $112,000.
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