Prominent economist and crypto analyst Alex Krüger says that Bitcoin (BTC) has changed as an asset, and now plays a different role in investors’ portfolios than it did in the past.
Krüger tells his 153,000 Twitter followers that BTC won’t make anyone rich the way it did ten years ago, but is now acting as an effective way for preserving wealth and storing value.
“People shouldn’t be buying Bitcoin to get rich any longer. That boat has sailed. Bitcoin is now for wealth preservation, attractive risk-adjusted returns, trading, and hedging against the fiat system.”
However, the trader also says that a 10x on Bitcoin from the lows is still on the table, implying a price tag somewhere in the neighborhood of $150,000 at the top of the next bull market peak.
Krüger recently listed eight reasons why BTC’s current market structure is screaming bullish reversal, including longer-term indicators flipping green, a classic bounce off the 200-day moving average and a pocket of air right above current resistance.
“- multi-months long consolidation
– momentum indicators turning
– a bottom with max historical volume
– higher low on very high volume
– engulfing candle on even higher volume
– bounce off the 200 DMA
– top of range coincides with 200 wma
– air pocket volume wise above.”
Bitcoin is trading at $28,307 at time of writing.
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