The world of Bitcoin and altcoins continues to evolve. On the other hand, analysts are watching Bitcoin (BTC) charts closely. They also do this to inform about future price movements. Famous analyst Credible Crypto is on the agenda. Accordingly, he shares his predictions that predict an all-time high for Bitcoin by 2023. Let’s look at the details.
Where will Bitcoin go?
Credible Crypto’s prediction is based on the concept of “parabolic progression”, where the price of the asset experiences an exponential momentum until it reaches its peak. The analyst draws from the past of Bitcoin. It points to previous parabolic advances from $3k to $14,000 and from $10,000 to $60,000.
Given the recent performance of Bitcoin BTC and strong support at $25,000 on monthly timeframes, Credible Crypto believes it is laying the groundwork for another parabolic advance. This anticipated climb will result in earnings of over $10,000 per month. It will also close the gap to the previous all-time high of $40,000.
Current market conditions
The analyst emphasizes that these forecasts are based on current market conditions. It also recommends October 2023 as a “pretty logical prediction” for Bitcoin’s all-time high. Specifically, this is not an exact prediction, but a prediction based on Bitcoin’s past behavior. Over the past seven days, Bitcoin has experienced significant moves, surviving the recent market volatility caused by the SEC lawsuit against two major crypto exchanges, Binance and Coinbase.
Bitcoin has reached a remarkable high above $30,000. Accordingly, it recorded a nearly 20% gain in value during the week. This increase coincided with financial giant BlackRock embracing the crypto future, including plans to launch a Bitcoin exchange-traded fund (ETF). cryptocoin.com Looking at it as a whole, Bitcoin is currently trading above $30,000. In addition, the total market cap of Bitcoin increased by 18.1% last week to reach $585.2 billion. This marks a significant increase from the $494 billion market cap the previous Friday.
promising ones
Also, there are some reasons for the Bitcoin BTC resurgence. Accordingly, there are signs of a shift in the previous stance of the SEC towards cryptocurrencies. This regulatory change comes after the successful launch of BITO. There is also the announcement of BITX. All this instills hope for a more favorable regulatory environment. Let’s see if the advancing time frames will justify the analyst’s approach to October 2023.
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