A dealer is reiterating his bullish forecast for Bitcoin (BTC) that the flagship crypto asset will attain a brand new all-time excessive earlier than the top of 2023.
Pseudonymous dealer Credible Crypto tells his 346,400 followers on the social media platform X that Bitcoin may rally by roughly 157% from the present degree earlier than the yr ends.
“I tweeted beforehand about how our final transfer from $16,000 – $18,000 to $60,000 took two months to play out. We’ve 4 months to go from $28,000 to $70,000 now. It’s a transfer of the identical magnitude (round $40,000) with twice as a lot time nonetheless out there to do it this yr.
Would I’ve favored to have seen a serious transfer up began by now? Completely. What does it imply that we haven’t but? Merely that the consolidation previous to that large transfer is taking longer- however we all know that the longer the consolidation, the extra aggressive the expansion- so it doesn’t essentially push our timeline again.”
Bitcoin is buying and selling at $27,206 at time of writing.
The pseudonymous dealer, nonetheless, says that Bitcoin persevering with to vary narrowly may put the bullish forecast into query.
“If, in two months from now, we’re nonetheless sitting at present ranges and haven’t made a serious break from this consolidation then I actually could be way more uncertain of a brand new excessive this yr, however with 4 months to go nonetheless it wouldn’t be logical for me to toss my thesis out the window when now we have information that reveals a transfer of this magnitude is totally nonetheless doable.”
Earlier this month, Credible Crypto predicted that Bitcoin would exceed the all-time excessive recorded in November of 2021 and thereafter rally to over $100,000.
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