A closely followed crypto strategist believes the stage is set for Bitcoin (BTC) to go on a parabolic advance.
Pseudonymous analyst Credible Crypto tells his 341,900 Twitter followers that Bitcoin’s bull market is likely underway after BTC successfully retested $25,000 as support.
According to the trader, Bitcoin looks poised to print monster moves in the high timeframe as he expects bullish momentum to exponentially increase in the coming months.
Credible Crypto uses BTC’s 2020 bull market as an example, a period when Bitcoin generated monster rallies for six straight months.
“For example, on our last impulse ($10,000-$60,000) the monthly candles following our major monthly retest at $10,000 (equivalent to the one we just got here at $25,000) were larger than any of the preceding ones and continued to grow in size till our peak.
The first was a $3,600 move, the next a near $7,000 move, the one after that a whopping $12,000 move, after that a $15,000 move and the 2nd to last monthly candle prior to our peak an incredible $25,000 move.
Thus, we can assume that the monthly candles as we move up will only increase in size.”
Believing that Bitcoin is already in bullish territory, Credible Crypto predicts that BTC will record a new all-time high (ATH) as soon as October.
“This means I would expect that once expansion begins (which it looks like it has) we should see monthly moves of > $10,000 at a time, easily. From current levels to prior ATH is a $40,000 gap. This gap should then, logically, be covered within a few monthly candles if this is a parabolic advance. We are about to enter July – month one, August – month two, and September – month three. This would imply a new ATH by October as a fairly logical guesstimate.”
Looking at the trader’s chart, he appears to predict that Bitcoin can rally to as high as $120,000 before the end of the year.
At time of writing, Bitcoin is trading for $30,543.
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