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Economist and crypto trader Alex Krüger is bullish on Bitcoin ($BTC) and predicts a new yearly high as more US banks falter.
Krüger tells his 153,500 Twitter followers that he believes $BTC will hit a new high for 2023 in May.
“New $BTC highs coming in May. Hope you are ready for it.”
The crypto trader also says that Bitcoin is showing strength against collapsing US regional banks.
“Year highs.
People [are] too bearish.
Small banks rekt (wrecked).
Negative correlation with banks paper is not a fluke.”
Another widely followed analyst is also bullish on Bitcoin this month.
Pseudonymous crypto strategist Kaleo tells his 583,800 Twitter followers that he predicts Bitcoin is going to cross $40,000 in the near term.
Kaleo believes that the chart of $BTC against the S&P 500 Index ($SPX) indicates Bitcoin will continue on an upward trajectory after having broken out of a diagonal resistance.
The trader predicts $BTC’s value against the $SPX will rise to a level last seen a year ago.
“Bitcoin vs. $SPX: Looking at the $BTC/$SPX ratio, we still haven’t even broken above the 2017 ATH (all-time high). With $BTC continuing to strengthen as its proving to be a safe haven from fear in the banks, a return to the May 2022 breakdown level feels pretty intuitive. That would be ~$40,000.”
Kaleo also says that if $BTC crosses the key $30,000 level, the king crypto will likely rally by next week to the upper HTF (high time frame) diagonal trendline formed with a breakout back in February, which would put it in the $33,000 to the $34,000 range.
At time of writing, Bitcoin is trading for $28,890, up 2.2% during the past 24 hours.
Generated Image: Midjourney
beincrypto.com
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cointelegraph.com
bitcoinworld.co.in
