A widely followed economist believes that Bitcoin (BTC) is suddenly in a new trend that will last for a while.
In a new interview on the Unchained Podcast YouTube channel, economist Alex Krüger says that he is bullish on Bitcoin after the top digital asset by market cap reclaimed the $60,000 range this week.
“I think that what we just saw is a trend change, a major trend change, and we just continue higher.”
Some analysts blamed Bitcoin’s correction to the $50,000 range, before it recovered this week, on the fears around the repayments of defunct crypto exchange Mt. Gox as well as the German government selling confiscated Bitcoin.
Krüger believes that the market will absorb the new amounts of Bitcoin without impacting the bullish trend.
“Basically, Mt. Gox has 141,000 Bitcoins to distribute. Of those, 95,000 are going to be distributed within 90 days, which are basically going to those who elected to receive an early distribution with a 10% haircut. Out of those 95,000, 20,000 are going to credit funds, 10,000 are going to the New Zealand exchange that is entangled in its own bankruptcy process so it won’t hit the market.
65,000 are going to the individual creditors. So that’s 85,000 within 90 days. Let’s say 30% gets sold. That’s 25.5% percent. That’s, that’s about the same as Germany but spread through time… I would be very surprised if this actually changes the trend and we go down rather than up.”
Bitcoin is trading for $63,984 at time of writing, down slightly in the last 24 hours.
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The post Bitcoin Just Underwent Major Trend Change, According to Economist and Trader Alex Krüger – Here’s His Outlook appeared first on The Daily Hodl.