A popular crypto analyst is reaffirming an unpopular stance that Bitcoin (BTC) is about to break new highs this year, despite the recent rejection from $30,000.
The pseudonymous analyst known as Credible tells his 340,000 Twitter followers that while liquidity gaps often get filled for many financial assets, it’s not a concrete rule.
He says that he doesn’t expect the gap at $20,000 to be filled anytime soon.
“There’s a gap at $20,000 that a lot have been eyeing up and using as justification for a deeper pullback form current levels.
If I’m right about my thesis for new all-time highs in 2023 – that gap should go unfilled.
If you were to ask me which comes first – $20,000 or $70,000+, I’d say $70,000+.”
Credible says that a direct move to the upside without much consolidation is the more painful, unexpected scenario, and a much less obvious one that is more in character of Bitcoin.
“Too convenient and easy to let everyone who got rinsed over the past six months reload their positions and happily ride to new all-time high in time with the halving.
Over 70% of all BTC in existence concentrated in wallets that didn’t puke at the 3AC (Three Arrows Capital) or FTX collapses and that historically don’t start selling in any significant quantities until new all-time highs.
No year-long sideways action, in my opinion. Straight to new all-time high this year.”
Commenting on an Elon Musk tweet that stated “the most entertaining outcome is the most likely one,” Credible applies it to Bitcoin. Using Musk’s logic, the analyst says 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 are sat on the sidelines waiting for the halving run up in 2024-2025.
Certainly more entertaining than boring sideways price action on BTC for the next two years.”
Generated Image: Midjourney
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