A widely followed crypto strategist and trader predicts that Bitcoin (BTC) will reach a new all-time high before the end of 2023.
Pseudonymous analyst Credible Crypto tells are 341,500 Twitter followers that the most important digital asset is likely to rise more than 130% from its current value of $30,057 in a few months.
“In a few months you won’t have to imagine much… just use your imagination to visualize the rise pictured here at about 2x the rate. New all-time highs THIS YEAR. Let’s go get it.”
The trader shares a chart showing Bitcoin first reaching a support level of around USD 50,000 in 2024 and then crossing the USD 70,000 level in early 2025.
However, Credible Crypto predicts that Bitcoin will rise to these levels before the end of the year.
Looking at the Bitcoin dominance chart (BTC.D), the trader predicts a bullish BTC.D until peaking at around 58% in late 2023 and then falling, which he believes will spark a massive altcoin run.
The trader believes that BTC.D will continue to fall for the first seven months of next year and will reach a low of around 35% in July 2024. At the time of writing, BTC.D is at around 51.50%.
“We’ve come a long way from the ‘teal’ region below over the past six months. As I said back then, everything we would expect with BTC dominance is playing out. The ‘real impulse move’ has started, BTC has started to ‘accelerate upwards’ and we have reached my bare minimum goal of 50% dominance.
Still think we are going higher here in the coming months as BTC continues its impulsive move to new all-time highs.
However, what should follow is going to be the biggest alternate season we’ve seen since 2017. Everyone will have a turn.”
Also on the crypto trader’s radar is Ethereum (ETH) challenger Hedera Hashgraph (HBAR).
He warns that the bottom of HBAR has not yet reached and could drop to $0.040 if Bitcoin sees a market correction to $25,000 or $26,000.
“According to my last update on HBAR, BTC finally hit the $25,000 region and that gave us a lower move on HBAR as expected. We don’t have confirmation yet that the bottom is in, but it looks good. Congratulations if you managed to get your hands on some bars under $0.05! Will update all HBAR barians again once we get further confirmation.
Hedera is trading at $0.048 at the time of writing, up 0.5% over the past 24 hours.
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Featured image: Shutterstock/DomCritelli