Bitcoin’s Recent Shift in Trends Analyzed by Economist and Trader Alex Krüger – Here’s What to Expect

A prominent economist has expressed optimism about the future trajectory of Bitcoin (BTC), suggesting that the cryptocurrency is embarking on a new trend that is poised to endure. During a recent discussion on the Unchained Podcast YouTube channel, economist Alex Krüger shared his bullish outlook on Bitcoin following its reclamation of the $60,000 price range earlier this week.

Krüger highlighted, “I think that what we just saw is a trend change, a major trend change, and we just continue higher.” This sentiment comes as Bitcoin experienced a correction to the $50,000 level before rebounding, a move that some analysts attributed to concerns surrounding the repayments from the defunct crypto exchange Mt. Gox and the German government’s sale of confiscated Bitcoin.

Regarding the impact of these developments on the market, Krüger expressed confidence that the influx of Bitcoin from Mt. Gox and the German government would be absorbed without derailing the current bullish momentum. He elaborated on the distribution of Mt. Gox’s Bitcoins, stating, “Basically, Mt. Gox has 141,000 Bitcoins to distribute. Of those, 95,000 are going to be distributed within 90 days, which are basically going to those who elected to receive an early distribution with a 10% haircut.”

Krüger further detailed the breakdown of the distribution, noting that a significant portion would not immediately enter the market due to various circumstances, concluding that he would be surprised if these events reversed the upward trend of Bitcoin.

At the time of writing, Bitcoin was trading at $63,984, showing a slight decline over the past 24 hours. Despite this minor fluctuation, Krüger’s positive outlook on Bitcoin’s future trajectory remains unwavering.

The economist’s perspective sheds light on the resilience of Bitcoin in the face of external factors and market dynamics, indicating a strong underlying trend that could drive the cryptocurrency to new heights. As Bitcoin continues to navigate through various challenges and opportunities, the market’s response to external influences will play a crucial role in shaping its future performance.