Here Are 5 Reasons To Be Bullish On Bitcoin, Analyst Says
Market analyst and Bitcoin (BTC) maxi Fred Kreuger has revealed five top reasons investors should purchase the premier cryptocurrency. In a video post on X on Saturday, Kreuger described Bitcoin as a favorable short-term and mid-term investment, backing the asset to remain profitable over the next 12 months. The price of Bitcoin has recently returned above $67,000 following a 0.58% increase in the last day. This slight gain allows the crypto market leader to maintain its positive performance over the last week.
Investing In BTC Now Is A Massive Buy, Kreuger Says
According to Fred Kreuger, investors should be looking to acquire Bitcoin for the following reasons. Firstly, the analyst highlights the pro-crypto stance of the former US President and Republican presidential candidate, Donald Trump.
Kreuger describes Trump as a crypto ally stating the politician is pro-BTC, pro-mining, and also open to the adoption of the digital asset as a strategic reserve. Like many enthusiasts, he reckons that the election of Trump could provide the much-needed support of Bitcoin from the US government.
Moving on, Fred Kreuger states there is a 100% chance the US Federal Reserve will implement a rate cut in September which will grant investors leverage to seek volatile assets such as Bitcoin. Moreover, if Trump emerges as president in November, anticipate further rate cuts, projecting an estimate of 300 basis points.
Furthermore, the Bitcoin maxi also discusses the potential impacts of the spot Bitcoin ETFs. According to Kreuger, these ETFs are still in their rollout phase with traditional financial titans such as Morgan Stanley and Wells Fargo yet to offer them beyond their high-net-worth clients. Eventually, Kreuger believes these ETFs, currently worth over $17 billion, will be added to the general trading platforms of these banks which could result in higher levels of inflows.
Another reason for Kreugers bullish stance on Bitcoin is the crypto bull market cycle which he postulates is already halfway gone. However, in the remaining one-and-a-half years of this cycle, Kreuger believes Bitcoin could potentially double its current market price based on historical price data. However, this projection is not set in stone, with the market analyst stating BTC could produce a 4x or 6x price gain.
Michael Dell, An Emerging Powerful Bitcoin Ally
Finally, Fred Kreuger postulates that Michael Dell, an American billionaire and CEO of Dell Incorporated is likely also acquiring Bitcoin following his recent support of the asset in the past few weeks. With a net worth of $99.2 billion, the analyst theorizes that Dells potential voyage into the BTC market should serve as a bullish signal for investors.
At the time of writing, Bitcoin (BTC) is trading at $67, 207 with a 14.41% gain in the last week. Meanwhile, the assets daily trading volume is down by 49.29% and valued at $18.86 billion.
Read more: https://www.newsbtc.com/news/bitcoin/here-are-5-reasons-to-be-bullish-on-bitcoin-analyst-says/
Text source: NewsBTC
