A trader is reiterating his bullish forecast for Bitcoin (BTC) that the flagship crypto asset will reach a new all-time high before the end of 2023.
Pseudonymous trader Credible Crypto tells his 346,400 followers on the social media platform X that Bitcoin could rally by approximately 157% from the current level before the year ends.
“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.
Would I have liked to have seen a major move up started by now? Absolutely. 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.”
Bitcoin is trading at $27,206 at time of writing.
The pseudonymous trader, however, says that Bitcoin continuing to range narrowly could put the bullish forecast into question.
“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 predicted that Bitcoin would exceed the all-time high recorded in November of 2021 and thereafter rally to over $100,000.
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