The leading cryptocurrency, Bitcoin, is showing signs of bullish momentum this year, overcoming a significant decline in price during 2022. Finally, the buyers seem to be breaking free from the grasp of the sellers.
While Bitcoin faced resistance at the $30,000 level, the market sentiment is optimistic. According to analysis of various factors, such as price structure and technical indicators, there is a likelihood of increased buying activity in the near future. This trend could lead Bitcoin to achieve new heights and perhaps reach its previous all-time high.
A well-known crypto analyst, Credible, recently shared an exciting prediction with his vast Twitter following of 340.5K followers. He emphasized that the price of Bitcoin is poised to soar toward its record-breaking high of $69,000.
Expressing concern, Credible has brought attention to a significant $20,000 gap, noticing that he does not anticipate it being closed in the near future. With a compelling thesis, he has caught the attention of many by highlighting the potential for BTC to reach $70K, boldly stating that the gap is unlikely to be filled.
When asked about the order of milestones, “$20,000 or $70,000+,” Credible confidently states, “$70,000+.” This indicates his strong belief in Bitcoin reaching the ATH mark. However, amidst the ongoing market turbulence, buyers are facing consistent rejections at $30K, leading some investors to question Credible’s words and hesitate to fully rely on them.
Credible made it clear that buyers could find themselves in a challenging situation if Bitcoin’s price goes on a sustained bull run without proper consolidation. This unexpected twist aligns perfectly with the unpredictable nature of Bitcoin.
“Too convenient and easy to let everyone who got rinsed over the past 6 months reload their positions and happily ride to new ATH in time with the halving.”
Despite already experiencing an impressive 60% gain from its 2023 low, Bitcoin’s price still offers investors a significant opportunity to embark on a bullish journey with BTC. There is substantial room for growth, as current projections indicate the potential for over 150% growth from the current price level to reach the ATH region.
According to Credible’s tweet, “over 70% of all $BTC in existence is concentrated in wallets that didn’t puke at the 3AC or FTX collapses.” These holders have a historical track record of not selling substantial amounts until all-time highs are reached. This promising sign hints that the majority of BTC remains in strong hands.
The zig-zag price momentum is gearing up to come to a halt, with the potential for bulls to break through the $30K resistance level. An encouraging indication is that the current price is sitting comfortably above the 200-week simple moving average, signaling a strong bullish sentiment.
Although, the Bitcoin predictions of Credible are correct to some extent, but the price rally of $40,000 points in just 7 months makes things a bit tricky.
Also read: Bitcoin Tests Major Support: Price Reverses Above $27K
