Economist and trader Alex Krüger believes Bitcoin (BTC) is primed to go higher over the coming weeks, driven by one catalyst.
Krüger tells his 210,500 followers on the social media platform X that he is expecting Bitcoin to hit $120,000 in June.
According to the widely followed economist and trader, the proposed distribution of approximately $5 billion to creditors of the collapsed crypto exchange FTX at the end of May will serve as a bullish catalyst for Bitcoin. Krüger thinks that the funds will re-enter the crypto market as the creditors will mostly be the large claim holders.
But the economist warns that Bitcoin could turn bearish in early July amid the uncertainty caused by the dispute over tariffs.
“The 90-day tariffs pause *could* be a significant bearish catalyst. That’s on July 9th. Depending on White House news flow, it makes sense for markets to start getting anxious about tariffs again two to three weeks before then.”
In contrast with Krüger’s largely bullish view of Bitcoin over the short term, crypto analyst Justin Bennett says the flagship digital asset could drop below $100,000 after failing to convincingly take out its last resistance at around $110,000.
“No change to this BTC analysis other than starting to break down.
I shorted at $111,269. I’ll add below $106,000 if we get it. Looking for $96,000/$97,000.”
Source: Justin Bennett/X
Bitcoin is trading at $107,435 at time of writing, down from the all-time high of just under $112,000 reached earlier this week.
