Top Analyst Reveals ‘Easy’ Bitcoin Price Target for Current Run, Says Supply Crunch Underway
A widely followed crypto analyst is revealing his ‘easy’ price target for Bitcoin’s (BTC) current bull run.
In a new live stream discussion with CTO Larsson, the pseudonymous host of InvestAnswers known as James says Bitcoin is easily on its way to above the $40,000 levels.
“If we get to $42,000, considering how fast we got to $25,000, getting to $30,000 is now in the bag, you could say. I don’t want to sound overly bullish, but you showed it on the chart – I call it the airgap – there’s nothing there. There are no cell walls when you shoot up to that level. So we’ll get up to $30,000 really quickly.
And what that will do, and I’ve seen this happen – I think I spoke about it, too, recently – I’ve got friends who have been listening to me for 5-6 years, and a ton of them started buying Bitcoin in November and December. And they’ve never bought crypto or Bitcoin before in their very lives. And some people are allocating Bitcoin. And then you have the legacy veterans who have been in the market a long time who are kind of out of the market, they aren’t buying, they’re waiting for that very very low bottom.
So if we do shoot to, say, $30,000, that’s going to drive the next generation of FOMO (fear of missing out) followers into the space and buyers who didn’t buy during the big dip we had between June and November. So I think it could be a crazy time.”
The crypto analyst then lays out his more optimistic price targets for Bitcoin leading into the next halving, slated for March of 2024.
“So back to your question – how high during this run? Easy $70,000. North of $100,000 is possible too. That sounds crazy. But it’s only a 4X from here. You have to look at the adoption of Bitcoin. You have to look at the active addresses… The amount of people who are now long-term holders hit, I think, 72% of the total supply. It’s just supply crunch time. Adoption time. Everything is pointing in the right direction for another good run… Easy $42,000.”
BTC is worth $24,855 at time of writing, down 1.35% over the last 24 hours.
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