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Economist Alex Krüger posits that Bitcoin may never drop below $60,000, with market anticipation building around a post-election rally. Analysts predict that this political momentum could push Bitcoin’s value higher by 2024, reinforcing the possibility of a strong price floor for the cryptocurrency.
Economist Predicts $60,000 as Bitcoin’s New Floor Amid Growing Optimism
A prominent economist's prediction that Bitcoin, the first cryptocurrency, may never drop below $60,000 has prompted discussions over the cryptocurrency's fair worth.
Economist and trader Alex Krüger said in a post on November 5th that the price of Bitcoin might end up over the $60,000 psychological mark:
Election Day Adds to Bitcoin's Spotlight
The economist's forecast came on Election Day in the US, which has increased the spotlight on Bitcoin and other cryptocurrencies. Bitcoin hit rock bottom at $66,815 on November 4th, but has since recovered to nearly $68,750 as of 1:37 pm UTC on November 5th.
A number of experts are predicting that Bitcoin will reach new all-time highs as a result of the post-election volatility. Notably, based on the options market structure and the possibility of a Republican presidential victory, Bitfinex analysts anticipate that Bitcoin would climb to $80,000 by the end of 2024.
Key Metrics Signal Bitcoin's Floor Price Stability
According to Cointelegraph, some measurements, like the 200-week moving average, which removes daily volatility to reveal long-term market trends, imply that Bitcoin's floor price might be more than $40,000.
For Adam Back, co-founder and CEO of Blockstream and creator of Hashcash, this crucial metric surpassed $40,000 on October 18th.
Alternative Indicators Suggest Strong Support Levels
Back stated in a post on October 20th:
Some say that the floor price, or "absolute market bottom," of Bitcoin can be better determined by looking at its cumulative value coin days destroyed (CVDD).
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