A highly respected crypto analyst is making a bold forecast suggesting that the world’s leading cryptocurrency, Bitcoin (BTC), could see a notable surge this year and break its previous all-time highs.
Bitcoin: Historical Outlook
The analyst shared his optimistic outlook on BTC with his Twitter followers. Comparing the current state to the 2020 momentum, Credible Crypto notes that it took Bitcoin about three months to complete a support/resistance shift and retest the $10,000 level. Just two months later, Bitcoin surged an impressive 90% and hit new all-time highs in six months, representing an increase of over 500%. The analyst confidently asserts that hitting new all-time highs is not an impossible feat like it has been before.
Do you keep hearing, “How can we hit new highs before the end of the year? That’s impossible.”
About where I think we are now compared to our last impulse. Note that the S/R flip and retest at 10,000 took about three months.
Two months later we were up 90% to new all-time highs. … pic.twitter.com/6KYjkju3QY
— CrediBULL Crypto (@CredibleCrypto) May 24, 2023
Also Read: Even Biden’s Re-election Can’t Endanger Bitcoin, Claims a Pro-XRP Lawyer
But what will drive this rise?
Perfect repeat test: Bitcoin has yet to complete a perfect retest of the black support/resistance level at $25,200. While not a requirement, the possibility remains that the local low for this retest has not yet been found. If the analyst’s thesis is correct, the downside from current levels should be fundamentally limited.
Historical patterns: Credible Crypto points out that while history doesn’t repeat itself exactly, it often shows similarities. While no exact time and price correlation is expected, Bitcoin price movements are believed to show similarities to previous patterns.
Accelerated ascent: As Bitcoin advances through impulse waves, the rate of increase tends to accelerate, especially during a parabolic advance. Interestingly, the current rate of increase is likely to be the slowest on the entire journey to a new all-time high. This suggests that a rapid rally to previous record levels is not only plausible, but expected, if indeed it does mark the start of significant momentum. Notably, larger price candles are typically observed as bitcoin rises.
“Both previous pulses of this cycle ($3,000-$14,000 and $10,000-$60,000) saw larger candles as Bitcoin surged higher.”
Credible Crypto analysis concludes that Bitcoin could rise and surpass previous all-time highs. From a historical perspective, 150% of BTC is not unrealistic and will be euphoric for long-term holders. Do you agree?
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