Here Are 5 Reasons To Be Bullish On Bitcoin, Analyst Says
July 21 2024 - 1:00AM
NEWSBTC
Market analyst and Bitcoin (BTC) maxi Fred Kreuger has revealed
five top reasons investors should purchase the premier
cryptocurrency. In a video post on X on Saturday, Kreuger described
Bitcoin as a favorable short-term and mid-term investment, backing
the asset to remain profitable over the next 12 months. The
price of Bitcoin has recently returned above $67,000 following a
0.58% increase in the last day. This slight gain allows the crypto
market leader to maintain its positive performance over the last
week. Related Reading: Bitcoin Option Traders Are Betting On A
Price Breakout Ahead Of US Elections: QCP Capital Investing In BTC
Now Is A Massive Buy, Kreuger Says According to Fred Kreuger,
investors should be looking to acquire Bitcoin for the following
reasons. Firstly, the analyst highlights the pro-crypto stance of
the former US President and Republican presidential candidate,
Donald Trump. Kreuger describes Trump as a crypto ally
stating the politician is pro-BTC, pro-mining, and also open to the
adoption of the digital asset as a strategic reserve. Like many
enthusiasts, he reckons that the election of Trump could provide
the much-needed support of Bitcoin from the US government.
Moving on, Fred Kreuger states there is a 100% chance the US
Federal Reserve will implement a rate cut in September which will
grant investors leverage to seek volatile assets such as Bitcoin.
Moreover, if Trump emerges as president in November, anticipate
further rate cuts, projecting an estimate of 300 basis
points. Furthermore, the Bitcoin maxi also discusses the
potential impacts of the spot Bitcoin ETFs. According to Kreuger,
these ETFs are still in their rollout phase with traditional
financial titans such as Morgan Stanley and Wells Fargo yet to
offer them beyond their high-net-worth clients. Eventually, Kreuger
believes these ETFs, currently worth over $17 billion, will be
added to the general trading platforms of these banks which could
result in higher levels of inflows. Another reason for
Kreuger’s bullish stance on Bitcoin is the crypto bull market cycle
which he postulates is already halfway gone. However, in the
remaining one-and-a-half years of this cycle, Kreuger believes
Bitcoin could potentially double its current market price based on
historical price data. However, this projection is not set in
stone, with the market analyst stating BTC could produce a 4x or 6x
price gain. Related Reading: Here’s What To Know On Grayscale
Bitcoin & Ethereum ETF Spinoffs – Details Michael Dell, An
Emerging Powerful Bitcoin Ally Finally, Fred Kreuger postulates
that Michael Dell, an American billionaire and CEO of Dell
Incorporated is likely also acquiring Bitcoin following his recent
support of the asset in the past few weeks. With a net worth of
$99.2 billion, the analyst theorizes that Dell’s potential voyage
into the BTC market should serve as a bullish signal for investors.
At the time of writing, Bitcoin (BTC) is trading at $67, 207 with a
14.41% gain in the last week. Meanwhile, the asset’s daily trading
volume is down by 49.29% and valued at $18.86 billion. Featured
image from Depositphotos, chart from Tradingview
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