Bitcoin (BTC): heading for a new high, according to analyst Credible

The analyst known as Credible recently shared his Bitcoin predictions with his Twitter followers. He was very optimistic about the future of the largest crypto by market capitalization. Find out what he expects in the bitcoin (BTC) market this year.

Credible predicts an unexpected rise in the Bitcoin market!

Just recently, analyst Michaël van de Poppe predicted a rise to $40,000 for the queen of cryptos. Like him, Credible maintains that bitcoin (BTC) will achieve feats this year. He expects the flagship crypto to hit all-time highs this year, despite BTC’s recent decline. After all, the crypto left $30,000 to gradually trade around $27,000. Meanwhile, the crypto analyst indicated that bitcoin (BTC) will not fill the $20,000 hole anytime soon.

Credible explained: “There is a gap at $20,000 that many have observed and used to justify a larger pullback from current levels. If I am correct in my thesis of new all-time highs in 2023, this hole should not be filled. If you ask me which comes first between under $20,000 and over $70,000, I’d say $70,000“.

The analyst clarified:In my opinion, there is no lateral movement from year to year. We’re heading straight for a new all-time high this year“. He thus expects a direct upward movement, with little consolidation. He still has underline that such a scenario is the most unexpected and the most painful. In this context, it is a much less obvious action which nevertheless remains more adapted to the character of bitcoin (BTC).

We know that spot holders are not net sellers, from the data I cited earlier: the 70% of BTC held by long-term holders has only increased since the low of 15,000 and are even the highest in BTC history“, has also observed Credible.

Credible’s prediction comes as the Bitcoin blockchain hits a new all-time high. Indeed, according to recent data from Glassnode, there are already a million addresses with at least 1 BTC. This suggests that bitcoin is among the fastest growing assets.

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