A popular crypto analyst is expressing confidence that Bitcoin (BTC) could set new all-time highs this year.
Pseudonymous analyst Credible Crypto tells are 340,600 Twitter followers that Bitcoin could reach a new all-time high this year based on historical priority.
According to Credible Crypto, Bitcoin can replicate past impulses, such as the one in 2020, when BTC struggled for many months to climb above a key resistance level before hitting new all-time highs.
“Keep hearing, ‘How can we hit (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 flipping and retesting support/resistance at $10,000 took about three months.
Two months later, we had a 90% rally to new all-time highs.
Four months after that, we hit our peak for the impulse – a total of just six months after completing the support/resistance flip and retest at $10,000 and up more than 500%…
Don’t tell me it can’t be done if it’s literally been done before.
See you all at new all-time highs, probably sometime this year.”
Bitcoin is trading at $26,440 at the time of writing and would need to rise more than 150% to revisit the all-time high of just over $69,000 set in November 2021.
However, Credible Crypto says there are important differences in Bitcoin’s price action in 2023 compared to three years ago.
“A few things to note:
1. We have yet to get a perfect retest of the black support/resistance level at $25,200. Note that we tested in 2020 ($10,000) and are below bad to complete the retest. This SHOULD not happen, but it is certainly possible that we have not yet entered our local low for this retest. Anyway, (the) downside should generally be limited from current levels if the statement is valid.
2. While we know that history doesn’t necessarily repeat itself, it often rhymes – don’t expect an exact correlation between time and price. The moves should just be *similar*.
3. As mentioned in previous updates – the rise on impulses only gets steeper as we enter a parabolic progression – which means the rate of increase you’re seeing NOW should be the slowest rate of increase of this whole move to (a) new all-time high.
Therefore, such a rapid rise to an earlier all-time high is not only realistic, but even expected if we see the start of a major impulse here. Note with both previous impulses of this cycle ($3,000 – $14,000 and $10,000 – $60,000), larger candles are seen as we climb higher.
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Image generated: Midway through the journey
