Only recently has Bitcoin’s fair value been questioned after trader and economist Alex Krüger predicted that Bitcoin may never again cross the $60,000 level. On November 5, in a post on X, previously Twitter Krüger said that Bitcoin may set a new psychological level above this number.
The economist’s outspokenness occurred on election day in the United States, a time that has seen increased focus on Bitcoin and the rest of the crypto market. As of November 5, Bitcoin had experienced a recent low of $66,815 but recovered, trading above $68,750 by 1:37 PM UTC.
Researchers are now beginning to conclude that the kind of variation normally seen around the period corresponding to elections could spur on a Bitcoin breakout, which many anticipate could peak at a brand-new record high. More so, the analysts at Bitfinexixo have predicted a move to $80k before the end of 2024 with the emergence of a better options market and perhaps a Republican win in the presidential seat.
Bitcoin Insights from Experts on Its Potential Floor Price
It is worth noting that other experts have also written on Bitcoin’s premise, including Krüger’s analysis. Recently, Bitcoin’s co-founder and Blockstream’s CEO, Adam Back, pointed out that some factors suggest that Bitcoin’s lower bound could be above $40,000. First, he pointed out that on October 18, a 200-week moving average, a technical analysis of the long-term market, exceeded $40,000.
Back shared his view in the October 20 post on X, and this supports the argument that Bitcoin’s long-term price may become anchored above this level.
Other analysts believe that total value of coin days destroyed or CVDD is a better indicator for the working out the Bitcoin floor price or the absolute market bottom. At the moment of writing this subchapter, CVDD for Bitcoin is at $26,520 as stated at TradingView.
These forecasts and metrics will remain paramount to investor and analyst attention as they seek indications for Bitcoin’s future given shifting economic and political environments.
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