According to analysts, Bitcoin could break out by 150% this year and break the all-time high – here’s why
A popular crypto analyst is confident Bitcoin (BTC) could hit new all-time highs this year.
Pseudonymous analyst Credible Crypto tells his 340,600 Twitter followers that historical precedent could see Bitcoin hitting a new all-time high this year.
According to Credible Crypto, Bitcoin can reproduce previous impulse waves, such as those seen in 2020, when BTC struggled to scale above a key resistance level for many months before setting new all-time highs.
“Do you keep hearing, ‘How can we hit a new all-time high before the end of the year?’ It is impossible.’
About where I think we are now compared to our last impulse [of 2020]. Note that it took about three months to move between support and resistance and retest at $10,000.
Two months later we were up 90% to new all-time highs.
We hit our peak for momentum four months later – just six months total after completing the support/resistance reversal and retesting $10,000 and over 500% higher…
Don’t tell me it can’t be done if it’s literally been done before.
We’ll all probably see each other at new all-time highs sometime this year.”
Source: Credible Crypto/Twitter
Bitcoin is trading at $26,440 as of this writing and would need to surge over 150% to revisit the record high of just over $69,000 set in November 2021.
However, Credible Crypto says there are significant differences in Bitcoin’s price action in 2023 compared to three years ago.
“A few things to note:
1. We have yet to get a perfect retest of the black support/resistance level at $25,200. Note that we tested in 2020 ($10,000) and are listed below to complete the retest. That doesn’t have to happen, but it’s entirely possible that we haven’t hit our local bottom for this retest. Regardless, the downtrend from current levels should generally be limited if the thesis is valid.
2. While we know history doesn’t necessarily repeat itself, it often rhymes – don’t expect an exact correlation between time and price. The moves should just be *similar*.
3. As mentioned in previous updates, the momentum rise only gets steeper as we move into a parabolic advance. This means that the rate of ascent you see NOW should be the slowest rate of ascent of this entire movement to (a) new, entirely new. time up.
For this reason, if we see the beginnings of a major momentum here, such a rapid rally to the previous all-time high is not only realistic but even to be expected. Note that both previous pulses of this cycle ($3,000-$14,000 and $10,000-$60,000) show larger candles the higher we climb.”
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