Despite the recent rejection from $30,000, a well-known crypto expert is sticking to his controversial prediction that Bitcoin (BTC) would reach new highs this year.
While many financial assets do have their liquidity gaps filled, analyst Credible, who uses a pseudonym, warns his 340,000 Twitter followers that this is not always the case.
He claims the $20,000 deficit will not be closed anytime soon. “Many people are keeping an eye on the $20,000 difference as grounds for a further decline from present levels. If my prediction of fresh record highs in 2023 pans true, then that chasm will remain unbridged. If I had to choose between $20,000 and $70,000+, I’d go with the latter.”
The more unpleasant, surprising, and far less clear option that is more in keeping with Bitcoin is a straight run to the upside without any consolidation, according to credible sources.
Seventy percent of all Bitcoins are held in wallets that didn’t vomit during the Three Arrows Capital or FTX crashes and that don’t typically begin selling in large numbers until new all-time highs are reached.
Based on a tweet by Elon Musk, “the most entertaining outcome is the most likely one,” Bitcoin is used as an example in Credible’s analysis. Based on Musk’s reasoning, the analyst predicts Bitcoin will see a dramatic increase in value this year.
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