Economist and crypto trader Alex Kr\u00fcger believes that Bitcoin (BTC<\/a>) is \u201cpreordained\u201d to hit $42,000 due to one possible event.<\/p>\n According to a new blog post<\/a> by Kr\u00fcger\u2019s financial advisory firm Asgard Markets, the king crypto will likely soar by more than 24% from its current value by the time a possible spot Bitcoin exchange-traded fund (ETF) launches.<\/p>\n The firm also says that a massive BTC rally is expected on the day the U.S. Securities and Exchange Commission (SEC) may approve a spot Bitcoin ETF, which they anticipate happening in January 2024.<\/p>\n \u201cOur view has been that the ETF is quasi-guaranteed, and the SEC would have it approved by January 10th (in January itself, to be precise). We had also been expecting the market to front-run the approval by about a month and a half. But animal spirits have decided to start running now. <\/em><\/p>\n Given last week\u2019s large move, we think that BTC consolidating for a few days in the $30,000-$32,000 range before continuation just makes sense. Any dips into the $29,000s are for buying. We also think that the day the ETF gets approved, the market should see a +20% move intraday. We see Bitcoin hitting $42,000 by the time the ETF launches (launch, as opposed to approval).\u201d <\/em><\/p>\n The economist notes<\/a> that the $42,000 is a key Fibonacci retracement level and also proved a key level during China\u2019s 2021 announced<\/a> crypto ban.<\/p>\n \u201cI\u2019m a big big fan of Fibonacci retracements and expansions, also known as astrology for men. $42,000 is not only a major Fib for BTC but also one of the key levels from 2021, the China level.\u201d<\/em><\/p>\n BTC is worth $33,756 at time of writing.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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