A well-known cryptocurrency analyst is making a bold prediction, predicting that the world’s most popular cryptocurrency, Bitcoin (BTC), will see a spectacular ascent and smash previous all-time highs this year.
Bitcoin’s Historical Prospects
Along with his Twitter followers, the expert offered his positive opinion on BTC. When comparing the current position to the 2020 impulse, Credible Crypto notes that it took nearly three months for Bitcoin to complete a support/resistance flip and retest the $10,000 level. Only two months later, Bitcoin surged by 90% and went on to set new all-time highs within six months, indicating a 500% increase. The expert states firmly that setting new all-time highs is not an impossible achievement, since it has already been accomplished.
Nonetheless, what will fuel this surge?
Excellent Retest: Bitcoin is yet to have a perfect retest of the black help/resistance level at $25,200. Although not required, there is still a potential that the native low for this retest has not yet been determined. If the analyst’s thesis is correct, the drawback potential from current levels should normally be limited.
Historic Patterns: Credible Crypto warns that while history seldom repeats itself exactly, it frequently exhibits parallels. While there is no guarantee of a perfect time and worth correlation, the movements in Bitcoin’s worth are expected to resemble previous trends.
Accelerating ascension: As Bitcoin advances via impulse waves, the rate of ascension tends to accelerate, particularly during a parabolic increase. The current rate of ascension is expected to be the slowest over the whole voyage towards a new all-time high. This suggests that a rapid return to earlier record levels is not only plausible but also expected if this is the start of a strong surge. Notably, when Bitcoin rises in value, larger value candles are typically observed.
“With each previous impulses of this cycle ($3,000 – $14,000 and $10,000 – $60,000), larger candles were observed as Bitcoin rose higher.”
According to Credible Crypto’s analysis, Bitcoin may rise and surpass previous all-time highs. Using the historical aspect, BTC’s 150% is not impossible and maybe exhilarating for long-term holders.