Economist Alex Krüger says the time for traders to get rich with Bitcoin (BTC) is over – here’s why
Prominent economist and crypto analyst Alex Krüger says Bitcoin (BTC) has changed as an asset and now plays a different role in investors’ portfolios than it has in the past.
Krüger tells his 153,000 Twitter followers that BTC will not make anyone as rich as it did ten years ago, but is now functioning as an effective means of wealth preservation and value storage.
“People should no longer buy bitcoin to get rich. This boat has sailed. Bitcoin is now used for wealth preservation, attractive risk-adjusted returns, trading and hedging against the fiat system.”
However, the trader also says Bitcoin’s 10x from the lows is still on the table, implying a price somewhere near $150,000 on top of the next bull market peak.
Krueger recently listed eight reasons why BTC’s current market structure is crying out for a bullish reversal, including longer-term indicators turning green, a classic bounce off the 200-day moving average, and a bubble of air just above current resistance.
“- several months of consolidation
– Momentum indicators rotate
– a floor with maximum historical volume
– higher low at very high volume
– engulfing candle at even higher volume
– bounce off the 200 DMA
– Top range coincides with 200 WMA
– Air pocket volume up.”
Bitcoin is trading at $28,307 at the time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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