Bitcoin: Crypto Analyst Sets ‘Easy’ Price Target for Next Bull Run
The pseudonymous host of InvestAnswers shared his thoughts on Bitcoin's current bull run in a recent live stream discussion with CTO Larsson.
According to James, BTC is on its way to surpassing the $40,000 barrier, and a jump to $30,000 is now “in the bag.”
He points to the lack of resistance or “cell walls” between the $25,000 and $42,000 levels, which suggests that Bitcoin could quickly rally to $30,000 without encountering significant selling pressure.
James believes that a rally to $30,000 would attract a new wave of FOMO buyers who missed out on BTC’s dip between June and November 2021. He cites friends who have been listening to him for 5-6 years and only started buying BTC in November and December 2021.
In addition, James notes that long-term holders now account for 72% of the total Bitcoin supply, which has created a supply crunch that could drive prices higher.
READ MORE: Journalist Seeks Release of Hinman Files in Ripple vs. SEC Case
Looking ahead, James is optimistic about BTC’s price prospects leading up to the next halving, which is slated for March 2024. During this run, he sets an “easy” price target of $70,000 for BTC and suggests that a move above $100,000 is also possible.
While this may sound unbelievable to some, James believes that Bitcoin’s adoption and the number of active addresses point in the right direction for another good run.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
