A popular crypto analyst reaffirms an unpopular view that Bitcoin (BTC) is poised to hit new highs this year, despite its recent $30,000 rejection.
The pseudonymous analyst known as Credible tells his 340,000 Twitter followers that while liquidity shortfalls are often filled for many financial assets, this is not a concrete rule.
He say that he doesn’t expect the $20,000 gap to be filled anytime soon.
“There is a $20,000 gap that many have been eyeing and using as justification for a deeper pullback from current levels.
If I’m right about my thesis for new all-time highs in 2023, that gap shouldn’t be filled.
If you asked me which comes first – $20,000 or $70,000+, I would say $70,000+.”
Credible say that a direct move up without much consolidation is the more painful, unexpected scenario, and a much less obvious scenario that is more in the nature of Bitcoin.
“Too convenient and easy to let everyone who has flushed in the last six months reload their positions and happily ride to a new all-time high in time with the halving.
More than 70% of all existing BTC is concentrated in portfolios that don’t puke at the collapse of the 3AC (Three Arrows Capital) or FTX and historically only start selling in significant amounts until new all-time highs.
Not years of sideways action in my opinion. Straight to a new record this year.”
Responding to an Elon Musk tweet who stated “the most entertaining outcome is the most probable”, Credible applies it to Bitcoin. Using the logic of Musk, the analyst say a sudden move to all-time highs this year for Bitcoin is the most likely outcome.
“New all-time highs on Bitcoin in 2023 in the middle of a banking crisis, while most sit on the sidelines waiting for the 2024-2025 halving.
Certainly more fun than boring sideways price action on BTC for the next two years.”
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Image generated: Midway through the journey
