Economist Alex Krüger, who closely monitors the cryptocurrency market, has predicted a target price for Bitcoin of $120,000 by June. In a statement on his social media account, Krüger noted two important developments behind this growing expectation.
First of all, Krüger stated that the $5 billion FTX distribution expected to occur on May 30 could create significant momentum for the market and noted that this time, major creditors would receive a payout. He stated that this development could be a positive catalyst for the market.
On the other hand, Krüger stated that the 90-day customs tax delay, which will end on July 9, could put pressure on the market and mentioned, "Depending on the news flow from the White House, the market may start to worry about customs taxes again in 2-3 weeks."
On the other hand, another analyst, Joao Wedson, argued that interpreting recent price movements through the lens of institutional demand discourse could be misleading. Wedson said, “Relax, the price is just liquidating short sellers. It liquidated short sellers last week. The market always seeks liquidity,” and stated that the current volatility is normal.