In a bold prediction, Thomas Kralow, a crypto hedge fund manager and founder of Kralow Capital and Kralow Ventures, foresees a significant surge in Bitcoin’s price within the next 24 hours.
Kralow points out three key reasons why Bitcoin is poised to explode in value, driving optimism among crypto enthusiasts and investors alike.
1. Bitcoin demand is increasing
Firstly, Kralow highlights the increasing demand for Bitcoin as a key factor driving its potential price surge.
He emphasizes the recent actions of Michael Saylor, CEO of MicroStrategy, who has doubled down on Bitcoin by acquiring an additional 12,333 Bitcoins for the company’s holdings. This move positions Saylor’s company to now possess approximately 1% of the total Bitcoin supply, demonstrating a remarkable level of commitment and confidence in the digital asset.
Furthermore, large investors, known as Bitcoin whales, continue to accumulate Bitcoin during the ongoing rally, indicating a strong and sustained demand for the cryptocurrency.
Additionally, on-chain accumulation data reveals a decline in available Bitcoin on exchanges, suggesting a decrease in supply.
Kralow notes that these factors, combined with the anticipation of the Bitcoin halving event in 2024 and growing interest from prominent investors in China, paint a positive long-term outlook for Bitcoin’s price.
2. Macroeconomic Indicators
Secondly, Kralow emphasizes the importance of macroeconomic indicators in influencing Bitcoin’s price movement.
He mentions that recent figures for initial jobless claims and unemployment, released on June 29th, were better than expected, signaling positive signs for the economy. However, Kralow identifies the upcoming PCE (Personal Consumption Expenditures) report, scheduled for June 30th, as the crucial factor to watch.
The core PCE index, the Federal Reserve’s preferred gauge for inflation, is expected to hover around 4.5 to 4.6, similar to the previous month. While not ideal, Kralow suggests that the market might interpret this stability positively, potentially triggering a rally in Bitcoin’s price and breaking the current formation.
3. Technical analysis
Lastly, Kralow delves into technical analysis, highlighting a wedge formation in Bitcoin’s price chart. If the price breaks out of this formation to the upside with substantial trading volume, it could potentially lead to a significant breakout.
According to Kralow, the approximate target for this potential breakout is $32,000. However, he also mentions a healthy correction within the overall upward trend, with a potential downside target around $28,000. Such a correction, if it occurs, could still maintain the positive trajectory of Bitcoin’s price.
At the time of writing, Bitcoin was trading at $30,973. Bitcoin is up 1.12% in the last 24 hours, registering a significant upward trend of 28% in trading volume.
As the market eagerly awaits the unveiling of the core PCE index, crypto enthusiasts and investors are closely monitoring Bitcoin’s price. Thomas Kralow’s expert analysis provides valuable insights into the increasing demand for Bitcoin, the influence of macroeconomic indicators, and the technical factors driving the potential breakout in Bitcoin’s price. Whether Bitcoin will indeed surge to $32,000 within the next 24 hours remains to be seen, but the current market conditions appear to favor a bullish scenario for the world’s most popular cryptocurrency.
Disclaimer: Cryptocurrency investments are subject to market risks, including volatility and potential loss of value. Readers are advised to conduct their own research and analysis before making any investment decisions. The article is for informational purposes only and should not be considered as financial or investment advice.