As the world of crypto continues to evolve, traders and analysts are closely monitoring the Bitcoin (BTC) charts for clues about future price movements. These include the famous analyst known as Credible Crypto shared His insight, predicts a new all-time high for bitcoin by 2023.
The forecast hinges on the assumption of a continued “parabolic advance” that could propel the coin beyond its previous peak of $69,000.
Predicting a Parabolic Advance for Bitcoin
The crux of Reliable Crypto’s prediction lies in the “parabolic progress” nature of bitcoin. This concept describes a situation where the momentum in the price of an asset increases rapidly until it reaches its peak.
According to Credible Crypto, such progress has been evident in bitcoin’s history, as seen during its rise from $3,000 to $14,000 and from $10,000 to $60,000.
Bitcoin’s recent performance, characterized by firm support at $25,000 on the monthly time frame, is believed to be setting the stage for another round of potentially parabolic advances by the trusted crypto. The analyst suggests that this new climb should generate a monthly move above $10,000, filling a gap from the previous all-time high of $40,000.
A ‘logical’ guess for new highs
While cautioning that these are estimates based on current market conditions, the trader puts forward October 2023 as a “fairly logical guess” for when bitcoin could reach its new all-time high. He clarified that this is not a definitive prediction, but a guess based on the logic of bitcoin’s past behavior.
The analyst noted:
I’m not saying we should hit a new all-time high by October, I’m saying I think we’ll hit a new ATH by the end of the year, and if someone forced me to pick a month Done in which I think it will be October. Let’s see how things go.
Meanwhile, bitcoin has made significant moves over the past 7 days. The asset has shown a huge recovery from its recent carnage amidst the United States Security and Exchange Commission (SEC) lawsuit on the two largest crypto exchanges, Binance and Coinbase.
Bitcoin has achieved remarkable highs above $30,000, registering an almost 20% increase in the value of the asset over the past 7 days. Notably, BTC has surged amid the adoption of the crypto future by financial giants such as BlackRock.
BlackRock, the world’s largest asset manager, last week revealed its latest plans to launch a bitcoin exchange-traded fund (ETF) upon approval by the US regulator, leading to an incredible surge in the price of BTC.
At the time of writing, bitcoin is currently trading above $30,000 after trading below that price range last week.
In the past 7 days, the total market capitalization of bitcoin has also seen an increase of 18.1%, adding up to an additional $90 billion. The market capitalization of bitcoin is currently $585.2 billion, up from $494 billion last Friday.
Featured image from Unsplash, chart from TradingView
source: www.newsbtc.com
