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Bitcoin (BTC) price drop has several factors behind it. Economist Alex Krüger recently stated that the reason for Bitcoin falling below the psychological support of $60,000 is due to selling pressure from the German government and Mt. Gox repayments. Krüger mentioned that this selling pressure will continue in the coming months but identified five key catalysts that could trigger a Bitcoin rise towards the end of the year.
Listed Expected Rise Catalysts
Krüger listed the rise catalysts he foresees. The rise catalysts include a soft landing, the Fed starting to cut interest rates, the re-emergence of crypto-macro correlation, an improved regulatory outlook with Trump’s victory, and FTX creditors receiving their payments. According to the analyst, FTX creditors will receive approximately $14-16 billion, and if this money is reinvested in the crypto market, it could provide significant support for Bitcoin and altcoins.
Commenting on FTX, the analyst said, “FTX creditors should be very happy. They will start getting their money back in the 4th quarter, and Mt. Gox creditors are offering them a great entry opportunity.”
Analyzed and Commented on Bitcoin
Analyzing Bitcoin’s chart, Krüger stated that he believes BTC will consolidate around the $50,000 level for a while. Krüger said, “Technically, BTC is likely to trade around $50,000 and needs to fill this area. On the downside, I am following the $52,000 level and $48,000 – $49,000 levels in case of excessive selling pressure from Mt. Gox.”
On the upside, the analyst noted that the 200-day moving average is $58,500 and a return to this level is likely. Krüger predicts that aggressive sellers will re-enter at this level.
At the time of writing, Bitcoin is trading at $55,282, down over 3% in the last 24 hours. The current price movements of the largest cryptocurrency indicate that the consolidation pointed out by the analyst continues.
