- Popular crypto analyst predicts Bitcoin will reach all-time highs this year.
- Analyst dismisses the idea of the $20,000 gap being filled and expects a direct move to new highs.
Bullish Outlook for Bitcoin
A well-known crypto analyst, known as Credible, is standing firm on his belief that Bitcoin (BTC) will achieve new all-time highs this year, despite the recent rejection at the $30,000 level. With a Twitter following of 340,000, Credible shares his insights and explains why he doesn’t expect the price gap at $20,000 to be filled anytime soon.
According to Credible, while it is common for liquidity gaps to be filled in many financial assets, it is not a concrete rule. He argues that if his thesis of new all-time highs in 2023 is correct, the gap at $20,000 should remain unfilled. In fact, he suggests that the price will surpass $70,000 before revisiting $20,000.
A Straight Path to New Highs
Credible believes that Bitcoin’s path to new highs will not involve much consolidation or sideways trading. He expects a direct move to all-time highs, which he considers a more unexpected and less obvious scenario. Credible highlights the concentration of over 70% of all BTC in wallets that have shown resilience during market downturns.
These holders historically refrain from significant selling until new all-time highs are reached.
In Credible’s opinion, there will be no year-long sideways action for Bitcoin. Instead, he envisions a straight ascent to new all-time highs this year. He considers this scenario more entertaining and captivating, particularly amid a banking crisis and with many investors waiting for the halving run-up in 2024-2025.
Entertaining Outcome for Bitcoin
Referencing Elon Musk’s famous quote that
“the most entertaining outcome is the most likely one,”
Credible applies this logic to Bitcoin. He suggests that based on Musk’s reasoning, a sudden surge to new all-time highs in 2023 for Bitcoin is the most probable outcome. Credible finds it more exciting than the prospect of a monotonous sideways price action for the next couple of years.
While Credible’s stance may be viewed as controversial, his prediction reflects a bullish sentiment towards Bitcoin’s future performance. Only time will tell if his forecast comes to fruition, but it certainly adds to the ongoing speculation and excitement surrounding the cryptocurrency.