Key Takeaways:
- The price of Bitcoin (BTC) has soared over 20% in the past week
- Bullish investor Ronnie Moas expects the BTC price to reach $84,000 in 2023
- Recent BTC surge caused over $500 million in liquidations over the weekend
YEREVAN (CoinChapter.com) — Bitcoin (BTC), and the larger digital assets market are slowly recovering from the massive losses caused by the collapse of Sam Bankman-Fried’s cryptocurrency empire. With the leading crypto now back above the $20,000 mark, bullish predictions by investors are doing the rounds. One such investor is Ronnie Moas, the founder of Standpoint Research. Moas has big expectations of Bitcoin’s price in 2023. According to him, Bitcoin will reach $84,000 this year.
Peter Schiff makes takes a usual bearish gig at Bitcoin
Long-time Bitcoin (BTC) critic and gold maximalist Peter Schiff took to Twitter to cast a shadow on the world’s largest crypto. As usual, he made a huge case for the yellow metal, representing it as the better option for investment. Moreover, he advised his followers that it is “time to drop Bitcoin” since the asset “has already broken down.”
Schiff’s anti-BTC stance irked the prolific investor. Without mincing his words, Moas put him in his place.
“Please stop making a fool of yourself … fair value for Bitcoin in 2023 is $84,000,”
he hit back.
Ronnie Moas is a well-known Bitcoin bull. He has correctly predicted BTC prices in the past. In July 2017, when he started analyzing the crypto market, Moas predicted that BTC would reach $5,000 in months. At the time, BTC traded at around $3,000. However, in August, he changed his prediction, increasing BTC target to $7,500 by the end of the year.
In November of the same year, he also predicted that Bitcoin would touch $11,000 at the beginning of 2018. At the time, the market leader traded at around $7,000. Months later, when his target was about to be met, he revised his order to $14,000.
His successful and correct predictions make him an experienced crypto bull. His latest prediction of crypto price reaching $84,000 this year comes as great news for BTC ‘hodlers’.
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What does Ronnie Moas base his Bitcoin prediction on?
Ronnie Moas relies on expectations that long-term investors will hold on to their tokens, causing their price to surge. According to him, short-term holders have already dumped their tokens in a bid to regain their losses. Going forward, there will not be as many sellers in the market.
“As I have warned, diamond hands and whales bought whatever weak hands sold during the FTX panic … all losses from the Bitcoin drop following FTX have been reversed … another crisis overcome by BTC resilience … 2023 fair value and target $84,000,”
he argues.
Meanwhile, other traders suggest that recent buyers could also sell them soon since they have kept their holdings on exchanges instead of moving them out to their wallets.
According to reports, the latest price action has seen over $500 million in liquidations. Several investors had shorted cryptos, expecting a drop in the price. However, the larger crypto market regained the $1 trillion market capitalization instead, causing them to book losses.
Meanwhile, the BTC price continues to remain above the $20,000 mark, trading at around $20,830 while writing. This marks an over 20% increase in the past week when BTC traded around $17,000.
The crypto market has been railing under losses in the last year. Now that the crypto market is back printing green candles, it remains to be seen if Ronnie Moas’s Bitcoin price prediction will materialize.
