In short: Credible Crypto predicts that Bitcoin will reach a new all-time high by 2023, based on historical patterns of "parabolic advance." The analyst suggests that Bitcoin's recent consistent support at $25,000 could potentially lead to another round of parabolic advance, producing monthly moves of over $10,000 and filling the $40,000 gap to the previous all-time high. While Credible Crypto does not provide a firm prediction, October 2023 is a "fairly logical guesstimate" for reaching the new all-time high. Over the past seven days, Bitcoin has seen a significant recovery and now trades above $30,000.
Our quick analysis:
Bitcoin's history of sharp price movements, or "parabolic advances," has long fascinated traders and analysts alike. This year has seen its fair share of uncertainty and volatility, with the crypto community keeping a close eye on the charts for any hints at a potential reversal or continuation of the bear market. But one trader, known in the crypto world as Credible Crypto, has made a bold prediction: a new all-time high for Bitcoin by 2023.
Credible Crypto's forecast is grounded in the idea of a parabolic advance, where assets experience exponential momentum until they peak. This phenomenon has been evident in Bitcoin's history, particularly during its ascents from $3,000 to $14,000 and $10,000 to $60,000. The recent firm support at $25,000 on monthly timeframes suggests that the stage may be set for another parabolic advance, propelling Bitcoin beyond its previous peak of $69,000.
While acknowledging the unpredictability of the current market conditions, Credible Crypto estimates that October 2023 is a "fairly logical guesstimate" for when Bitcoin could reach new all-time highs. However, he clarifies that this is not a definitive prediction, but rather an educated guess based on Bitcoin's past behavior.
The past week has been a significant one for Bitcoin, as the asset showed impressive recovery following a dip caused by the US Security and Exchange Commission's lawsuit against Binance and Coinbase. The most notable development was BlackRock's announcement of plans to launch a Bitcoin exchange-traded fund (ETF), provided it gets approved by regulators. This move sparked a rally in BTC's price, moving it to above $30,000 and recording nearly a 20% gain in the past seven days.
At the time of writing, Bitcoin's total market capitalization has increased by 18.1% in the past week, amounting to an additional $90 billion. This boost brings the market capitalization to $585.2 billion, a significant increase from last Friday's $494 billion.
It remains to be seen whether Credible Crypto's prediction will come to pass, but the recent rally and renewed interest from institutional investors such as BlackRock provide some hope for Bitcoin enthusiasts. As always, the crypto market remains a rollercoaster ride, but betting on Bitcoin's potential for another parabolic advance could be a move worth considering.
In conclusion, it's essential to keep up with Bitcoin's latest developments and react accordingly. Will Bitcoin go for another parabolic advance? Only time will tell.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
0 Comments
Please, behave!