• Cryptocurrency analyst Credible Crypto believes that Bitcoin (BTC) could reach a new all-time high this year.
• He argues that the 2020 rally from $10,000 to new all-time highs in six months provides a roadmap for what could happen this year.
• Credible Crypto says there are key differences between the price action of Bitcoin in 2021 and now, but an ascent to new highs is still possible.
Crypto Analyst Predicts New All-Time Highs for Bitcoin
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 record high based on historical precedent.
2020 Rally as Roadmap
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. He states that it only took six months from completing the support/resistance flip at $10,000 until hitting the top of the impulse move – over 500% higher than where it started out.
Key Differences Between 2021 & 2023 Price Action
Credible Crypto notes that there are some key differences between the price action of Bitcoin in 2021 and now – particularly with regards to a perfect retest of the black support/resistance level at $25,200. However, he believes that given these differences an ascent to new all-time highs is still possible.
Bitcoin Needs 150% Surge To Reach ATH
At time of writing, Bitcoin is trading at $26,440 and would need to surge by more than 150% in order to revisit its record high of slightly above $69,000 reached back in November 2021.
In conclusion, cryptocurrency analyst Credible Crypto has expressed confidence that Bitcoin could hit a fresh all-time high this year based on historical precedence from similar impulse waves seen in 2020. He notes some key differences between current and past price actions but believes an ascent to new highs is still possible if certain conditions are met – such as surpassing the previous record set three years ago by over 150%.