As the world of crypto continues to evolve, traders and analysts are closely monitoring the Bitcoin (BTC) charts for clues about future price movements. Among them, the popular analyst known as Credible Crypto has shared his insights, predicting a new all-time high for Bitcoin by 2023.
The prognosis relies on the assumption of a continuing “parabolic advance” that could drive 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 momentum in the price of an asset increases exponentially until it reaches its peak.
According to Credible Crypto, such advances have been evident in Bitcoin’s history, as observed during its ascents 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 monthly timeframes, is considered by Credible Crypto as potentially setting the stage for another round of parabolic advance. This new climb, the analyst suggests, should produce monthly moves of more than $10,000, filling the $40,000 gap to the previous all-time high.
A ‘Logical’ Guess For New Heights
While cautioning that these are estimations based on current market conditions, the trader puts forth October 2023 as a “fairly logical guesstimate” for when Bitcoin could reach its new all-time high. He clarifies that it’s not a definitive prediction, but rather an estimation based on the logic of Bitcoin’s past behavior.
The analyst noted:
I am not saying we MUST hit new all-time highs by October, I AM saying I do think we will hit new ATH by the end of this year, and if someone forced me to pick a month in which I think this will occur it would be October. Let’s see how things play out.
Meanwhile, over the past 7 days, Bitcoin has made significant moves. The asset has shown a huge recovery from its recent bloodbath amid the United States Security and Exchange Commission (SEC) lawsuit on the two largest crypto exchanges, Binance and Coinbase.
Bitcoin has tapped a notable high of above $30,000 bringing the asset to record a nearly 20% gain to its value in the past 7 days. Notably, BTC’s surge comes amid financial giants such as BlackRock embracing the crypto future.
BlackRock, which is the world’s largest asset manager, last week disclosed its latest plan to launch a Bitcoin exchange-traded fund (ETF) if it gets approved by the US regulator, sparking an incredibly rally in the price of BTC.
At the time of writing, Bitcoin currently trades above $30,000 after trading below that price range throughout last week.
In the past 7 days, Bitcoin’s total market capitalization has also seen a boost of 18.1%, amounting to an additional $90 billion. The market capitalization of Bitcoin presently hovers at $585.2 billion, an increase from last Friday’s $494 billion.
Featured image from Unsplash, Chart from TradingView