Credible, a popular crypto analyst, supports the unpopular stance that Bitcoin (BTC) is about to break new highs this year, despite being recently rejected at $30,000.
Known by the pseudonym Credible, the analyst is a long-time market watcher, taking into account Bitcoin’s past performance and price movements. Based on his analysis, he believes, contrary to popular belief, that Bitcoin will rally and reach new highs for the rest of the year despite the bearish trend.
The analyst states that most financial assets can fill liquidity gaps, but that this is not a concrete rule. argues. According to the analyst, the $20,000 gap in Bitcoin may not be filled anytime soon:
“There is a gap at $20,000 and many are using it as a justification for a deeper pullback from current levels. If I am correct in my thesis of all-time highs in 2023, this gap should not be filled.
If you ask me which comes first – $20,000 or +$70,000, I would say $70,000.”
Credible thinks a direct upward move without much consolidation is a more painful, unexpected scenario:
“It’s very convenient and easy for anyone who’s been ruined over the past six months to reassert their position and happily join the halving to an all-time high. More than 70% of all existing BTC is concentrated in wallets that have not crashed in 3AC (Three Arrows Capital) or FTX and have not started selling in significant volumes to historical all-time highs.
I don’t think there are any side moves all year. This year it will directly hit an all-time high.”
Credible commented on an Elon Musk tweet that “the most fun outcome is the most likely”, interpreting it in terms of Bitcoin. Using Musk’s logic, the analyst said that a sudden move to all-time highs this year is the most likely outcome for Bitcoin.
“As Bitcoin hits all-time highs in 2023 in the midst of a banking crisis, many will sit on the sidelines awaiting the 2024-2025 halving.
This is definitely more fun than boring sideways price movements in BTC over the next two years.”
Of course, every analyst’s opinions and estimates may differ, and it’s important to do your own research before making any investment decision. Considering unpopular stances can provide variety and different perspectives, but it’s always important to assess the risks and act in line with your own investment strategy.
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