Alex Kruger: BTC will never fall below $ 60,000 again

Economist and trader Alex Krueger has made new predictions about the fair price of Bitcoin BTC $98,439.60 Bitcoin 0.09% Market capitalization $1.95 trillion VOL. 24 hours $4.52 billion and said that the world’s first cryptocurrency may never fall below the psychological mark of $ 60,000 again.

«There is a 50% chance that Bitcoin will never trade below $ 60,000 again,» he emphasized.

It is noted that this forecast was published on the day of the US election, which drew additional attention to Bitcoin and cryptocurrencies.

It is worth adding that on November 4, Bitcoin hit a low of $ 66,815, and by November 5, 13:37 UTC, it recovered to over $ 68,750.

Some analysts predict that post-election volatility could lead Bitcoin to new historical highs.

In particular, analysts at Bitfinex expect the price of Bitcoin to rise to $ 80,000 by the end of 2024 due to the structure of the options market and the prospects of the Republican Party winning the election.

Adam Beck, co-founder and CEO of Blockstream and inventor of Hashcash, claims that some indicators indicate that the minimum price of Bitcoin could be over $ 40,000, including the 200-week moving average, a popular technical indicator for determining long-term market trends that eliminates daily volatility.

This key indicator crossed the $ 40,000 mark back on October 18.

«The 200-week moving average for Bitcoin, in fact the 'floor' of the Bitcoin price, has crossed $ 40,000. Historically, this can be considered the minimum price of Bitcoin without taking into account volatility,» Beck said at the time.

Others believe that a better indicator for determining the minimum price of Bitcoin may be Cumulative Value Coin Days Destroyed (CVDD), the total value of coin days destroyed, which defines the «absolute market minimum.»It is noted that as of the morning of November 6, the CVDD for Bitcoin was $ 26,520.

As a reminder, on Wednesday, November 6, bitcoin reached a new all-time high, exceeding $ 75,000 amid preliminary results of the US election, where Donald Trump is ahead of Kamala Harris.