A respected anonymous crypto analyst known as Credible Crypto has proclaimed an expected record-breaking climb for Bitcoin, the world’s leading cryptocurrency, before the end of the year.
Expects the Upturn to Happen Before the End of 2023
Credible Crypto believes Bitcoin could mimic its previous surge wave, fighting for months to surpass a significant resistance level before achieving its all-time high, as it did in 2020. The analyst points out that such a milestone is feasible within the year despite voices stating the impossibility: “You will continue to hear ‘How can it reach all-time highs before the end of the year? It’s impossible.’ I believe we are currently at a comparable stage to our last surge in 2020. Recall that it took about three months to complete the support/resistance flip and retest at $10,000. We reached an all-time high with a 90% rise two months later. We reached the peak for the surge movement four months after that. We saw over a 500% increase just six months after completing the support/resistance flip and retesting $10,000. Don’t tell me it can’t be done when it has literally been done before. An all-time high will probably be seen within this year.”
At the time of writing, Bitcoin is trading at $26,740, requiring a surge of over 150% to revisit its record level of around $69,000 recorded in November 2021.
3-Point Warning for Bullish Forecast
Furthermore, Credible Crypto issued three key cautionary points regarding Bitcoin’s price action in 2023, indicating significant differences from three years ago:
- “We have not yet perfectly retested the black support/resistance level at $25,200. Remember in 2020, we tested it ($10,000) and worsened below to complete the retest. This does not have to happen, but the possibility of not having recorded our local bottom level for this retest is certainly possible. Regardless, if the thesis is valid, the overall limit should be minimal from the current levels (downwards).”
- “Although we know history doesn’t necessarily repeat itself, it often rhymes, so don’t expect price correlation. Movements should just be similar.”
- “As I’ve mentioned in previous updates, the rise in impulses becomes steeper as we transition to a parabolic progression. So, the increase rate you see NOW should be the slowest rise rate for this entire movement (to a) new all-time high.”
Therefore, a rapid rise to the previous all-time high is not only realistic but expected if we’re witnessing the start of a major surge here. “Remember, as we’ve seen in each of the previous two surges of this cycle ($3,000, $14,000, $10,000, and $60,000), the candles get larger as the rise increases.”
