Bitcoin To Hit All-Time High Before Halving, Trader Predicts: 'I Expect Violence'
Portfolio Pulse from Murtuza Merchant
Fred Krueger, a seasoned Bitcoin trader, predicts Bitcoin will reach its all-time high of $64,800 within the next 60 days, before the halving event. This bullish outlook is based on strong institutional interest, particularly from the 'New9' funds, and a decrease in selling pressure from the GBTC unlock. Spot ETFs have also significantly contributed by purchasing 175,000 Bitcoin in 18 trading days. Krueger anticipates an additional $4-$6 billion investment from the 'New9', potentially pushing Bitcoin past its ATH before the halving, challenging the bearish 'Turtle' model.
February 05, 2024 | 4:19 pm
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Bitcoin is predicted to reach its all-time high of $64,800 within the next 60 days, before the halving event, according to trader Fred Krueger. This is attributed to strong institutional interest and reduced selling pressure.
Krueger's prediction is based on the strong institutional interest from 'New9' funds and the reduction in selling pressure following the GBTC unlock. The significant acquisition of Bitcoin by spot ETFs further supports this bullish outlook. The anticipation of an additional $4-$6 billion investment could significantly impact Bitcoin's price, potentially pushing it past its all-time high before the halving event.
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