Economist Alex Krüger Outlines “Picture Perfect Bullish” Setup for Bitcoin as List of Indicators Signal Reversal
Closely followed economist Alex Krüger highlights a strong macro bullish setup for Bitcoin (BTC) as crypto markets continue to grow into the week.
In a thread to his 151,000 Twitter followers, Krüger says he couldn’t imagine a more perfect price action for the top digital asset by market value.
“If CZ (Changpeng Zhao) painted this chart, he must be one of the best painters in bitcoin history, as charts rarely get more picture-perfect bullish than this.”
The analyst lists eight reasons why BTC’s current market structure screams bullish reversal, including long-term indicators turning green, a classic bounce off the 200-day moving average and a pocket of air just above current resistance.
“- several months of consolidation
– momentum indicators turn
– a bottom with maximum historical volume
– higher low at very high volume
– immersive candles at an even higher volume
– bounce off 200 dma
– Top of range coincides with 200 wma
– the air pocket volume seen above.”
Ultimately, Krüger says the Federal Reserve’s highly anticipated decision on interest rates will likely be the catalyst that makes Bitcoin choose its trend direction.
“The Fed should decide the direction
The diagram illustrates the path of least resistance.”
It closely followed the analyst tracks that by the end of 2023, macro factors such as inflation and interest rates will become more favorable for risk assets such as crypto.
“Highest odds course going forward
– CPI [consumer price index] On line
– FOMC [Federal Open Market Committee] 25 bps
– FOMC shifts focus from dots to banks
– Last brick in the short-term wall of concern lifted => strong April
– Inflation starts to fall more than expected by the middle of the year
– Good end to 2023
Source: me”
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Featured image: Shutterstock/Tithi Luadthong
