A popular crypto analyst is expressing confidence that Bitcoin (BTC) could print new all-time highs this year.
Pseudonymous analyst Credible Crypto tells his 340,600 Twitter followers that Bitcoin could hit a fresh all-time high this year based on historical precedence.
According to Credible Crypto, Bitcoin can replicate previous impulse waves such as the one witnessed in 2020 when BTC struggled for many months to climb above a key resistance level prior to hitting new all-time highs.
“Keep hearing, ‘How can we reach (a) new all-time high before the end of the year? It’s impossible.’
About where I think we are now compared to our last impulse [of 2020]. Note that the support/resistance flip and retest at $10,000 took about three months to complete.
Two months later we had rallied 90% to new all-time highs.
Four months after that we hit our top for the impulse – just a total of six months after completing the support/resistance flip and retest at $10,000 and over 500% higher…
Don’t tell me it can’t be done when it’s literally been done before.
I’ll see you all at new all-time highs, likely sometime this year.”
Bitcoin is trading at $26,440 at time of writing and would need to surge by over 150% to revisit the record high of slightly above $69,000 reached in November of 2021.
Credible Crypto, however, says there are key differences in the price action of Bitcoin in 2023 compared to three years ago.
“A couple (of) things to note:
- We haven’t yet gotten a perfect retest of the black support/resistance level at $25,200. Note that in 2020 we tested ($10,000) and wicked below to complete the retest. This doesn’t HAVE to happen, but it’s certainly possible we haven’t yet put in our local low for this retest. Regardless, (the) downside should generally be limited from current levels if the thesis is valid.
- While we know history doesn’t necessarily repeat, it often rhymes – don’t expect an exact time + price correlation. The movements should just be similar.
- As stated in previous updates – the ascent on impulses only gets steeper as we move into a parabolic advance- meaning the rate of ascent you are seeing NOW should be the slowest rate of ascent of this entire move to (a) new all-time high.
This is why such a rapid ascent to prior all-time high is not just realistic but in fact, expected if we are seeing the beginnings of a major impulse here. Note with both prior impulses of this cycle ($3,000 – $14,000 and $10,000 – $60,000), bigger candles are seen the higher we climb.”
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