Top 3 Reasons Why Bitcoin (BTC) Price Will Surge By 150% Soon
The post Top 3 Reasons Why Bitcoin (BTC) Price Will Surge By 150% Soon appeared first on Coinpedia Fintech News
A highly regarded crypto analyst is making a bold forecast, suggesting that the world’s leading cryptocurrency, Bitcoin (BTC), could experience a remarkable surge and shatter its previous all-time highs this year.
Bitcoin: Historical Outlook
The analyst shared his bullish outlook on BTC with his Twitter followers. Comparing the current state to the 2020 impulse, Credible Crypto points out that it took about three months for Bitcoin to complete a support/resistance flip and retest at the $10,000 level. Just two months later, Bitcoin rallied by an impressive 90% and went on to reach new all-time highs within six months, representing a surge of over 500%. The analyst confidently asserts that achieving new all-time highs is not an impossible feat, as it has been accomplished before.
Keep hearing “how can we reach new ATH before the end of the year? It’s impossible.”
About where I think we are now compared to our last impulse. Note that the S/R flip and retest at 10k took about 3 months to complete.
2 months later we had rallied 90% to new all time highs.… pic.twitter.com/6KYjkju3QY
— CrediBULL Crypto (@CredibleCrypto) May 24, 2023
Also Read: Even Biden’s Re-election Can’t Threaten Bitcoin, Claims Pro-XRP Lawyer
However, what’s going to drive this surge?
Perfect Retest: Bitcoin has yet to undergo a perfect retest of the black support/resistance level at $25,200. While not a prerequisite, there remains a possibility that the local low for this retest has not yet been established. If the analyst’s thesis holds true, the downside potential from current levels should generally be limited.
Historical Patterns: Credible Crypto cautions that while history does not repeat exactly, it often exhibits similarities. While not expecting an exact time and price correlation, the movements in Bitcoin’s price are anticipated to display resemblances to previous patterns.
Accelerating Ascent: As Bitcoin progresses through impulse waves, the rate of ascent tends to accelerate, particularly during a parabolic advance. Interestingly, the current rate of ascent is expected to be the slowest within the entire journey toward a new all-time high. This suggests that a rapid ascent to prior record levels is not only plausible but also expected if this indeed marks the beginning of a significant impulse. Notably, as Bitcoin climbs higher, larger price candles are typically observed.
“With both prior impulses of this cycle ($3,000 – $14,000 and $10,000 – $60,000), bigger candles were observed as Bitcoin climbed higher.”
Credible Crypto’s analysis concludes that Bitcoin could climb and surpass previous all-time highs. Looking at the historical aspect, BTC’s 150% is not unrealistic and will be euphoric for long-term holders. Do you agree?
Filed under: Bitcoin - @ May 28, 2023 1:09 pm