Economist and trader Alex Kruger believes Bitcoin (BTC) is being driven by a single catalyst and prepared to be high over the next few weeks.
Krüger tells 210,500 followers of social media platform X that he expects Bitcoin to reach $120,000 in June.
According to widely tracked economists and traders, the distribution of roughly $5 billion distributed to creditors of crypto exchange FTX, which collapsed at the end of May, serves as a bullish catalyst for Bitcoin. Krüger believes the funds will re-enter the crypto market as creditors become large claimants.
But economists have warned that Bitcoin could become bearish in early July amid uncertainty caused by the dispute over tariffs.
“A 90-day tariff suspension could be *an important bearish catalyst. This is July 9th. Depending on the White House newsflow, it makes sense that the market will start worrying about tariffs again two or three weeks ago.”
In contrast to Krüger’s short-term, Bitcoin’s bullish view, Crypto analyst Justin Bennett says it could fall below $100,000 after its flagship digital assets were around $110,000 and not convincing the final resistance.
“There are no changes to this BTC analysis other than starting the decomposition.
I shorted it for $111,269. Once we get it, I’ll add under $106,000. Looking for $96,000/$97,000. ”
Source: Justin Bennett/X
Bitcoin is trading at $107,435 at the time of writing, down from its highest high of under $112,000 that it reached earlier this week.
