Economist and crypto trader Alex Krüger is bullish on Bitcoin (BTC) and predicts a new yearly high as more US banks falter.
Krüger tells his 153,500 Twitter followers that he believes BTC will hit a new high for 2023 in May.
“New BTC highs coming in May. Hope you are ready for it.”
The crypto trader also says that Bitcoin is showing strength against collapsing US regional banks.
“Year highs.
People [are] too bearish.
Small banks rekt (wrecked).
Negative correlation with banks paper is not a fluke.”
Another widely followed analyst is also bullish on Bitcoin this month.
Pseudonymous crypto strategist Kaleo tells his 583,800 Twitter followers that he predicts Bitcoin is going to cross $40,000 in the near term.
Kaleo believes that the chart of BTC against the S&P 500 Index (SPX) indicates Bitcoin will continue on an upward trajectory after having broken out of a diagonal resistance.
The trader predicts BTC’s value against the SPX will rise to a level last seen a year ago.
“Bitcoin vs. SPX: Looking at the BTC/SPX ratio, we still haven’t even broken above the 2017 ATH (all-time high). With BTC continuing to strengthen as its proving to be a safe haven from fear in the banks, a return to the May 2022 breakdown level feels pretty intuitive. That would be ~$40,000.”
Kaleo also says that if BTC crosses the key $30,000 level, the king crypto will likely rally by next week to the upper HTF (high time frame) diagonal trendline formed with a breakout back in February, which would put it in the $33,000 to the $34,000 range.
At time of writing, Bitcoin is trading for $28,890, up 2.2% during the past 24 hours.
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