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Economist Alex Krüger, who closely follows cryptocurrency markets, predicted a price target of $120,000 for Bitcoin in June.
In his statement on his social media account, Krüger drew attention to two important developments behind this rising expectation.
First of all, Krüger stated that the $5 billion FTX distribution planned to take place on May 30 could provide significant momentum to the market, and drew attention to the fact that this time, major creditors will receive payment. He stated that this development could be a positive catalyst in the market.
On the other hand, Krüger stated that the 90-day customs duty postponement, which will end on July 9, could put pressure on the market, and said, “Depending on the news flow from the White House, markets may start to worry about customs duties again 2-3 weeks in advance.”
On the other hand, another analyst, Joao Wedson, argued that explaining the recent price movements with institutional demand discourse could be misleading. Wedson said, “Relax, the price is just liquidating the bears. It liquidated the bulls last week. The market always moves towards liquidity,” and stated that the current fluctuation is normal.
*This is not investment advice.
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