Credible Crypto, a prominent voice in the cryptocurrency community, predicts Bitcoin’s price may soon surpass its previous high of $69,000, citing patterns in past impulse movements.
The prediction, shared via Twitter, suggests Bitcoin (BTC) could reach this peak within the next four months, potentially by October.
This optimism is based on Bitcoin’s strong performance in recent times, and its successful retest of support on monthly timeframes, implying a potential upcoming “parabolic advance.”
According to Credible Crypto, the trend of parabolic advances is characterized by exponentially increasing momentum that peaks at the top, as previously seen in Bitcoin’s movement from $3,000 to $14,000 and $10,000 to $60,000.
The largest monthly candle seen recently was a $10,000 move that took Bitcoin above the $25,000 level.
Following this trend, the analyst expects a similar magnitude in future monthly moves. The gap between the current price and the prior all-time high, which stands at $40,000, could, therefore, be covered within a few monthly candles.
However, this forecast remains speculative, and the actual timing remains uncertain, even though October has been suggested as a likely timeline.
The analyst clarified that while a new all-time high by the year-end is expected, October was merely a guess.
While many are optimistic about Bitcoin’s potential rise, some remain skeptical about the recent price surge attributed to Bitcoin spot price exchange-traded funds (ETFs) applications by firms like BlackRock.
Regulatory hurdles in the US may impede near-term approvals, a concern voiced by trading firm QCP Capital. Meanwhile, BTC trades around $30,000 as of the latest reports, following a brief period of high volatility.
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