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Analyst Believes Bitcoin is Closer to $70K Than to $20K

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There is a cryptocurrency analyst that believes that Bitcoin is closer to $70,000 than to $20,000. Bitcoin has reached an all-time high in 2021 of $69,000 per coin. With the upcoming halving event in 2024, many investors consider that there could be a new supply shock that could help BTC reach new highs. 

Bitcoin is Closer to $70,000 than $20,000

Bitcoin, the largest cryptocurrency in the world, should be closer to reaching $70,000 than $20,000. This is according to the recognized crypto analyst Credible. Between November 2021 and November 2022, Bitcoin fell from its all-time high to its lowest point in over a year. 

Nowadays, Bitcoin is in a recovery process. The price of digital currency has moved from below $16,000 to $29,000 in just some months. Despite the fact that now Bitcoin has corrected and it’s being traded at close to $27,000, the market remains bullish about what could happen in the near future. 

About the possibility of Bitcoin reaching $70,000, Credible wrote on Twitter:

“There’s a gap at 20k that a lot have been eyeing up and using as justification for a deeper pullback form current levels.

If I’m right about my thesis for new ATH in 2023- that gap should go unfilled. 

If you were to ask me which comes first- 20k or 70k+, I’d say 70k+.”

Other analysts are wondering whether the money will come from in order for Bitcoin to reach new all-time highs. Over the last year, there has been a clear trend among central banks to increase interest rates. This increase in the interest rates registered in the last year has driven out a large amount of liquidity from the financial markets. 

Indeed, banks are now more reluctant to offer credits and interest rates are at their highest point since the world financial crisis in 2008 (i.e. since Bitcoin was created). However, Credible believes that, if Bitcoin starts moving higher, it would not necessarily be linked to new money printing, but instead, thanks to the upcoming halving event. 

He wrote that supply is more constricted than it has ever been in the history of Bitcoin. In the next halving event, the new issuance of Bitcoin will fall from 900 BTC per day to 450 BTC. That means that miners will receive 3.125 BTC per block rather than 6.25 as they are now receiving.

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