Top Analyst Reveals ‘Simple’ Bitcoin Price Target for Current Run, Supply Crunch says in progress

A widely followed cryptoanalyst reveals his “simple” price target for Bitcoin’s (BTC) current bull run.

In a new live discussion with CTO Larsson, the pseudonymous host of InvestAnswers known as James says that Bitcoin is easily on its way to the above $40,000 levels.

“If we get to $42,000, considering how quickly we got to $25,000, now $30,000 is in the bag, you might say. I don’t want to sound too bullish, but you showed it on the chart — I call it the air gap — it’s nothing there. There are no cell walls when you shoot up to that level. So we get up to $30,000 very quickly.

And what it will do, and I’ve seen this happen – I think I talked about it recently too – I have 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 have never bought crypto or Bitcoin before in their entire life. And some people allocate Bitcoin. And then you have the older veterans who have been in the market for a long time who are kind of out of the market, they’re not buying, they’re waiting for the very low bottom.

So if we shoot to, say, $30,000, that’s going to drive the next generation of FOMO (fear of missing out) followers into the area and buyers who didn’t buy during the big decline we had between June and November. So I think it could be a crazy time.”

The cryptoanalyst then lays out his more optimistic price targets for Bitcoin leading up to the next halving, scheduled for March 2024.

“So back to your question – how high during this run? Easy $70,000. North of $100,000 is also possible. It 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 owners hits, I think, 72% of the total supply. It’s just supply pressure. Adoption time. Everything is pointing in the right direction for another good run … Easy $42,000 .”

BTC is worth $24,855 at the time of writing, down 1.35% in the last 24 hours.

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Featured image: Shutterstock/Vlad_Nikon