Known for his accurate predictions, crypto analyst Credible Crypto has stated that Bitcoin (BTC) is on its way to reaching an all-time high. The analyst warned that this rise could be followed by a strong correction.
Parabolic Rally in Bitcoin to Be Followed by a Major Crash
Known as Credible Crypto, the anonymous analyst’s prediction is based on three to four instances of sharp declines immediately following parabolic rallies since Bitcoin’s inception. The analyst said the following from his personal account:
For every action, there is an equal and opposite reaction. This is also true for markets. If you think we will have a parabolic rally to 100 thousand dollars and above in a relatively short time, you must accept that an equally aggressive correction will follow.
Parabolic rallies occur due to greed and irrational exuberance, and greed and irrational exuberance are what prepare a market for destructive crashes. They go hand in hand. You cannot have one without the other.
According to the analyst, the largest cryptocurrency, Bitcoin, will reach its all-time high before the crash he anticipates. Credible Crypto seems to expect such a surge, particularly under the influence of the upcoming spot Bitcoin ETF approval and the block reward halving in April 2024.
Current Situation of BTC
At the time of writing this article, Bitcoin has seen a 1.04% decrease in the last 24 hours, trading at $42,474. Despite a rise of over 160% since the beginning of the year, the largest cryptocurrency by market value continues to be priced 37% below its all-time high (ATH) of around $69,000 reached in November 2021.
Data from the crypto data and price platform CoinMarketCap shows that BTC has risen by 2.72% in the last 7 days and by 10.97% in the last 30 days.
