As the crypto world continues to evolve, traders and analysts closely monitor Bitcoin (BTC) charts for clues about future price movements. Among them, the famous analyst known as Credible Crypto has IMPARTED his insights, predicting a new all-time high for Bitcoin in 2023.
The prognosis rests on the assumption of a continuing “parabolic advance” that will push the token beyond its previous peak of $69,000.
Predicting A Parabolic Advance For Bitcoin
The essence of Credible Crypto’s prediction lies in the nature of Bitcoin’s “parabolic advance”. This concept describes a situation where the momentum of an asset’s price increases exponentially until it reaches its peak.
According to Credible Crypto, such developments can be seen in the history of Bitcoin, as observed during its rise from $3,000 to $14,000 and from $10,000 to $60,000.
The recent performance of Bitcoin, characterized by strong support at $25,000 in monthly timeframes, is considered by Credible Crypto to possibly set the stage for another round of parabolic advance. This new rise, the analyst suggested, should make monthly moves above $10,000, filling the $40,000 gap of the previous high.
A ‘Logical’ Prediction For New Highs
While cautioning that these are estimates based on current market conditions, the trader put October 2023 as a “fairly logical guess” for when Bitcoin will reach its new all-time high. He clarified that this is not a definitive prediction, but an estimate based on the logic of Bitcoin’s past behavior.
The analyst said:
I’m not saying we MUST hit new all-time highs in October, I’m saying I think we’ll hit a new ATH by the end of this year, and if someone compels me to choose a month where I think it will happen. will be October. Let’s see how things turn out.
Meanwhile, in the last 7 days, Bitcoin has made significant moves. The asset shows a great recovery from the recent bloodbath between the United States Security and Exchange Commission (SEC) lawsuit against the two largest crypto exchanges, Binance and Coinbase.
Bitcoin has touched an incredible high of more than $30,000 which led the asset to record a nearly 20% gain in its value in the last 7 days. Notably, the surge in BTC comes amid financial giants like BlackRock embracing the crypto future.
BlackRock, which is the world’s largest asset manager, last week revealed its latest plan to launch a Bitcoin exchange-traded fund (ETF) if it is approved by the US regulator, sparking an unprecedented BTC price rally.
At the time of writing, Bitcoin is currently trading above $30,000 after trading below that price throughout last week.
In the last 7 days, the total market capitalization of Bitcoin has also seen an increase of 18.1%, amounting to an additional $90 billion. Bitcoin’s market capitalization is currently hovering at $585.2 billion, an increase from last Friday’s $494 billion.
Featured image from Unsplash, Chart from TradingView
