A closely watched crypto strategist believes the stage is set for Bitcoin (BTC) to make 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 appears poised to print monster moves in the high time frame as he expects bullish momentum to increase exponentially in the coming months.
Credible Crypto uses BTC’s bull market in 2020 as an example, a period where Bitcoin generated monster rallies for six consecutive months.
“At our last impulse ($10,000-$60,000) the monthly candles after our big monthly retest at $10,000 (equivalent to the one we just got here at $25,000) were larger than any previous one and continued to grow in size to our peak .
The first was a move of $3,600, the next a move of almost $7,000, the next one was a whopping $12,000, then a move of $15,000, and the penultimate monthly candle prior to our peak was an incredible move of $25,000.
So we can assume that the monthly candles will only get bigger as we move higher.”
Believing that Bitcoin is already in bullish territory, Credible Crypto predicts that BTC will hit a new all-time high (ATH) in October.
“This means I would expect that once the expansion starts (which it appears to be) we should easily see monthly movements of >$10,000 at a time. From current levels to past ATH is a $40,000 gap. then logically should be covered within a few monthly candles if this is a parabolic progress we are about to enter July – month one, August – month two and September – month three This would imply another ATH by October as a reasonably logical guess.”
Looking at the trader’s chart, he appears to be predicting that Bitcoin could rise to $120,000 before the end of the year.
At the time of writing, Bitcoin is trading at $30,543.
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Featured image: Shutterstock/Jorm S