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Crypto investors have distanced themselves from the markets due to the prolonged decline in Bitcoin price. After the collapse in November, volumes are eroding every day in the new year. Giant market-making companies are pulling out of the exchanges, suggesting that hopes are about to be dashed. Just like in 2020 and previous bear markets.
Bitcoin Will See Historic Highs
A popular crypto analyst seems hopeful despite Bitcoin losing $30,000. Known by the pseudonym Credible, who has correctly predicted many major price movements, he believes that we will soon see the top. In a recent market assessment, the famous analyst said;
“There is a gap at $20,000 that many are eyeing and using as justification for a deeper pullback from current levels. If I am right in my thesis of reaching an all-time high in 2023, this gap must not be filled. If you ask me which will come first ($20,000 or $70,000), I would say $70,000+.”
According to the analyst, Bitcoin price will establish a new ATH level above $70,000 before $20,000.
Future of Cryptocurrencies
The scenario painted by Credible seems overly optimistic. Credible says that a straight up move without much consolidation is a more painful, unexpected scenario and a much less obvious one that is more in line with Bitcoin’s character.
“It’s very convenient and easy to allow everyone who has rallied over the last six months to reload their positions and happily halve back to all-time highs. Over 70% of all BTC in existence is concentrated in wallets that didn’t vomit in the 3AC (Three Arrows Capital) or FTX crashes and start selling in significant amounts to historically new all-time highs. I think there is no year-round sideways movement. It’s going to go straight to new all-time highs this year.”
Of course, Credible cannot see the future, but if his extreme scenario comes true, we may see prices moving up tens of times in altcoins. Especially in the last 1 month, the sales in altcoins have reached significant levels.
