This analyst says there's a "high chance" Bitcoin may never fall under $5k again

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Once Bitcoin started to incur strong losses in the second half of 2019, analysts were once again making extremely low price predictions.

Long-time Bitcoin skeptic Peter Schiff, who is CEO of Euro Pacific Capital, wrote in a late-2019 tweet that per his technical analysis of the charts, BTC's breakdown below the $7,000 range could be a precursor to a potential capitulation event to $1,000.

Even recently, despite the price of digital assets rallying by dozens of percent since the December bottom, a number of traders have asserted that a $3,000 Bitcoin price is in the books.

Will Bitcoin say goodbye to sub-$5,000 prices forever?

Bitcoin analyst Digitalik.net, who runs a cryptocurrency statistics website that has his online username as the URL, recently noted that BTC's four-year simple moving average just crossed over the $5,000 level for the first time ever.

There is high chance we will not see #btc below $5000 ever again.

It isn't only the four-year SMA that suggests BTC will never revisit triple digits ever again.

In a CryptoSlate report covering Bitcoin's plunge to the $6,000s in December, we cited this chart below from legendary analyst Filb Filb.

At the eleventh hour, bulls stepped in, allowing Bitcoin to close above the lowest logarithmic growth band as the price bounced back.

Not to mention, Willy Woo - partner at Bitcoin fund Adaptive Capital - said in December that per his analysis of on-chain data, he believes the macro price bottom was established in the low-$6,000s.

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