Closely-watched economist Alex Krüger highlights a strong bullish macro setup for Bitcoin (BTC) as crypto markets continue to rally during the week.
In a thread to his 151,000 Twitter followers, Krüger says a more perfect price action could not be imagined for the top digital asset by market cap.
“If CZ (Changpeng Zhao) painted this chart, then he must be one of the greatest painters in bitcoin history, as charts rarely have a more bullish perfect picture than this.”
The analyst lists eight reasons why BTC’s current market structure is screaming a bullish reversal, including longer-term indicators turning green, a classic 200-day moving average bounce, and an air pocket just above. of the current resistance.
“- consolidation of several months
– spinning boost indicators
– a fund with maximum historical volume
– lower at very loud volume
– wraparound sail in an even larger volume
– bounces at 200 dma
– top of the range matches 200 wma
– volume of air bag above.”
Ultimately, Krüger says that the highly anticipated Federal Reserve decision on interest rates will likely be the catalyst that makes Bitcoin choose its trend direction.
“The Fed should determine the direction
The chart illustrates the path of least resistance.”
The closely watched analyst predicts that by the end of 2023, macro factors like inflation and interest rates will become more favorable for risky assets like cryptocurrencies.
“The most likely path ahead
– CPI [consumer price index] online
–FOMC [Federal Open Market Committee] 25bps
– FOMC shifts focus from dots to banks
– Last brick in short-term worry wall lifted => strong April
– Inflation begins to fall more than expected in the middle of the year
– Happy ending 2023
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Featured Image: Shutterstock/Tithi Luadthong