Bold Economist Prediction: Bitcoin Price Stability Predicted as Analyst Sees 50% Chance Above $60K

Bold Economist Prediction: Could $60K Be Bitcoin’s New Bottom? Analyst Forecasts Price Stability

Bitcoin’s fair value came under scrutiny when a well-known economist said that the first cryptocurrency in history might never drop below $60,000. The economist Alex Krüger stated in a Nov. 5 X post that the price of Bitcoin might settle over the psychological $60,000 threshold.

50% probability of Bitcoin never trading below 60K again.

Krüger

The US election day, which has increased interest in Bitcoin and cryptocurrencies, coincided with the economist’s prediction. As of November 5, Bitcoin had recovered above $68,750 after bottoming out above $66,815 on Monday, November 4.

Will Post-Election Turmoil Propel Bitcoin Past $80,000? Analysts Weigh In

Some analysts predict that Bitcoin will break out to new all-time highs as a result of the post-election turmoil. Notably, Bitfinex analysts believe that the options market structure and the likelihood of a Republican presidential election will propel Bitcoin above $80,000 by the end of 2024. By eliminating the daily volatility, the 200-week moving average, a well-liked technical indicator for identifying long-term market patterns, indicates that Bitcoin’s floor price might be above $40,000. According to Adam Back, the inventor of Hashcash and co-founder and CEO of Blockstream, this important indicator surpassed the $40,000 threshold on October 18.

The Bitcoin 200 week moving average, effectively the bitcoin floor “up only” price crossed $40k. You can view it as roughly the bitcoin floor price without the volatility, at least historically.

Back

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