Doubling Down on Bitcoin: A Trader's Bet on 150% Yearly Growth to Reach All-Time High, with a Twist
A trader reaffirms a positive outlook for Bitcoin (BTC), predicting that the leading cryptocurrency will achieve a new all-time high by the close of 2023.
The pseudonymous trader, known as Credible Crypto, is sharing an optimistic outlook with his 346,400 followers on the social media platform X. According to him, Bitcoin has the potential to surge by approximately 157% from its current level by the end of this year.
In a recent tweet, Credible Crypto drew a comparison to a previous market movement, stating, "I tweeted previously about how our last move from $16,000 – $18,000 to $60,000 took two months to play out. We have four months to go from $28,000 to $70,000 now. It’s a move of the same magnitude (around $40,000) with twice as much time still available to do it this year."
While acknowledging the desire for a significant upward move sooner, Credible Crypto noted that the extended consolidation period doesn't necessarily alter the overall timeline, saying, "What does it mean that we haven’t yet? Simply that the consolidation prior to that big move is taking longer - but we know that the longer the consolidation, the more aggressive the expansion - so it doesn’t necessarily push our timeline back."
As of the time of writing, Bitcoin is trading at $27,206. However, the trader suggests that if Bitcoin continues to trade within a narrow range for the next two months without a substantial breakout, it could raise doubts about the bullish forecast. He emphasized, "If, in two months from now, we are still sitting at current levels and have not made a major break from this consolidation, then I myself would be much more doubtful of a new high this year, but with four months to go still, it wouldn’t be logical for me to toss my thesis out the window when we have data that shows a move of this magnitude is absolutely still possible."
Earlier this month, Credible Crypto made a prediction that Bitcoin would not only surpass its previous all-time high recorded in November 2021 but would also rally to reach over $100,000.
Sep 01, 2023