The post Bitcoin (BTC) Price To Hit $70K in 2023 – Here’s How and When appeared first on Coinpedia Fintech News
A crypto expert by the name of Credible made a bold statement that sent shock waves across the Bitcoin (BTC) ecosystem. Even if Bitcoin was just rejected at $30000, credible sources are predicting that the cryptocurrency will reach new record highs this year.
Let’s dive into their intriguing analysis and discover the reasons behind his bold forecast.
Liquidity Gaps and Bitcoin
Known as Credible, this anonymous analyst has garnered a substantial following of 340K on Twitter. While conventional wisdom suggests that liquidity gaps tend to fill in traditional financial assets, Credible asserts that this may not hold true for Bitcoin.
Related: Bitcoin Price Prediction: BTC Price to Hit New All-Time High in 415 Days, Predicts Crypto Analyst – Coinpedia Fintech News
Specifically, the analyst points to a notable gap at $20,000, which has caught the attention of many as a potential level for a significant pullback. However, he boldly proclaims that if their thesis of new all-time highs in 2023 materializes, the $20,000 gap is unlikely to be filled.
$70,000+ as the Next Target?
When asked to choose between $20,000 and $70,000+ as the next target, he confidently places his bet on surpassing $70,000 before reaching $20,000.
- He predicts a direct upward trend with limited consolidation, which fits Bitcoin’s nature. They say that it would be too easy for individuals who lost money in the preceding six months to reload their positions and ride the wave to new all-time highs in sync with the halving event.
- Highlighting an interesting statistic, he reveals that over 70% of all BTC in existence resides in wallets held by strong hands who did not panic during the Three Arrows Capital (3AC) or FTX collapses. These holders historically refrain from significant selling until new all-time highs are achieved.
- Overall, Credible is confident that Bitcoin will rise directly to new all-time highs this year, bypassing a year of stagnation.
- In a nod to Elon Musk‘s famous tweet stating that the most entertaining outcome is often the most likely one, the analyst applies this logic to Bitcoin. The analyst suggests that a sudden surge to all-time highs this year amidst a banking crisis is the more probable scenario, challenging the prevailing notion that investors are merely waiting for the halving run-up in 2024-2025.
He concludes by emphasizing that such a development would be far more captivating than enduring a prolonged period of monotonous sideways price movement for the next two years.
At the time of writing, Bitcoin was trading at a price of $26,975 with a gain of +0.12% in the last 24 hours.