According to Cointelegraph: Economist Alex Krüger has predicted that Bitcoin may never fall below $60,000 again, noting a 50% probability for this forecast in a recent post. With Bitcoin currently trading around $69,577, the prediction comes amid heightened attention on cryptocurrency during the U.S. election. Krüger’s analysis suggests that the $60,000 level could act as a new psychological and economic floor for Bitcoin (BTC).

Key Indicators Suggest Long-Term Support Above $40,000

Other analysts, including Adam Back, co-founder and CEO of Blockstream, have pointed to technical indicators such as the 200-week moving average to establish Bitcoin’s long-term floor price. This metric recently surpassed $40,000, traditionally marking a minimum price level for Bitcoin (BTC) by filtering out daily volatility. Back emphasized that historically, this indicator has represented a reliable floor, suggesting Bitcoin’s long-term support may now be above $40,000.

Post-Election Volatility and Potential Bitcoin Rally

The post-election climate has analysts predicting a potential breakout for Bitcoin to new all-time highs. Bitfinex analysts anticipate that Bitcoin could rally to $80,000 by the end of 2024, largely driven by the options market structure and a potential Republican presidential victory. This market optimism underscores Bitcoin’s increasing resilience and investor confidence.

Alternative Metrics Like CVDD Indicate Lower Boundaries

Beyond the 200-week moving average, some experts suggest Bitcoin’s cumulative value coin days destroyed (CVDD) as a more accurate floor price indicator. Currently, Bitcoin’s CVDD stands at $26,520, according to TradingView. While CVDD suggests a lower boundary, the broader consensus among analysts is that Bitcoin’s fair value continues to rise, with stronger support levels now forming above $40,000.

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