If you ask prominent economist and analyst Alex Krüger, the time to get rich with Bitcoin is over. According to Krüger, Bitcoin currently plays a different role in investor portfolios than it did in the past. At the moment, he sees Bitcoin more as a way to stay rich and as an asset to safely store value.
‘Don’t buy more to get rich’
“People no longer have to buy Bitcoin to get rich. That boat has left. Bitcoin is now here to stay rich and to earn risk-adjusted returns and get protection from the fiat system,” said Krüger.
That does not alter the fact that he is still positive about Bitcoin’s potential returns. But when you consider that Bitcoin started at zero 14 years ago and is now trading at $28,000, it’s understandable that people sometimes expect other things.
Krüger thinks a 1,000 percent increase from the 2022 lows is still possible. With that, Bitcoin would reach a price of about $150,000 as the peak of the next bull market. If you ask us, that still means that you can get quite rich from Bitcoin.
Bullish on Bitcoin
Furthermore, Krüger recently shared 8 reasons why Bitcoin’s current market structure is extremely bullish according to bhem. How about a multi month consolidation, multiple indicators turning green, a bottom with huge volume and a higher low with huge volume.
Furthermore, according to Krüger, it is very bullish that Bitcoin has jumped off the 200-day average. That means that this important line is likely to act as a fulcrum in the chart from now on.
All in all, he now sees a fairly bullish setup for Bitcoin emerging, which may mean that the asset will start a new bull market from here. It seems too early to draw conclusions at this point, but things certainly look good for Bitcoin in the first months of 2023.