Economist and crypto analyst Alex Krüger believes that $20,000 won’t be the all-time high (ATH) bitcoin price for much longer.
Expect Bitcoin Price to Hit $50,000
In a Twitter thread published on Saturday (August 17, 2019), Krüger outlined his argument for the bitcoin price going as high as $50,000 by 2021 at the latest.
According to Krüger, there is a far greater weight of positive driving factors than any negative headwinds that could adversely impact the bitcoin price trajectory.
An excerpt from the thread reads:
Bigger picture, the upside is IMO considerably larger than the downside. Think $BTC will eventually break through $20K, in 2020 or 2021, and once it does, it should trade $30K, $40K and $50K fast. Must be long for when that happens, and enjoy the ride as others FOMO in.
Possible Drawdown to $8,500
Krüger also addressed the debate about a possible bitcoin price slide to $8,500 — the midway point of the current 2019 performance. Some commentators point to the unfilled CME futures gap at this price level as an indication of a likely retracement.
For Krüger, filing the CME gaps isn’t a given pointing to the absence of significant support or resistance as such price levels. Furthermore, the focus on unfilled gaps often takes away from the non-stop trading activities occurring in the spot market.
However, if bitcoin falls below $9,000 there is every likelihood of a steep fall to this $8,500 price mark. According to Krüger, any further downward slide should be taken as a “gift” — a buying opportunity in preparation to a slingshot advance beyond the current 2019 high.