Popular crypto analyst CrediBULL on Twitter recently shared his thesis for Bitcoin’s price action in the upcoming months. The analyst predicted that the flagship cryptocurrency would reach a new all-time high before the end of this year. According to him, October 2023 emerged as the most likely month to witness BTC’s new ATH.
CrediBULL Crypto took to Twitter earlier today to share his Bitcoin analysis:
Retest complete.
— CrediBULL Crypto (@CredibleCrypto) June 22, 2023
If we follow the last impulse to the tee we would see new all time highs by September (two months after the monthly retest was complete).
I'm not betting on a specific month for new all time highs- I'm betting on new ATH sometime this year, period. BUT if I… pic.twitter.com/jLjhGHiJvM
According to CrediBULL Crypto, Bitcoin recently completed a retest of the $25,200 level, which he previously described as a key support zone for the cryptocurrency. The retest was completed last week when BTC rebounded from the support level of $25,200. The analyst stated that BTC’s momentum in the next four months would deliver a new all-time high.
CrediBULL Crypto set $25,000 as the price level that would catapult Bitcoin to a new ATH later this year. The analyst painted a scenario for his Twitter followers, where every monthly candle from July onwards would increase in size, translating into a parabolic advance that would constantly increase until it reaches its peak.
As per the crypto analyst’s prediction, the following months would easily deliver candles as big as $10,000, meaning that the price of Bitcoin would go up by $10,000 every month. CrediBull Crypto estimated a $40,000 gap between BTC’s current price and its impending all-time high price, indicating the new all-time high to be in the vicinity of $70,000.
Speaking on his thesis, CrediBULL stated:
We are about to enter July- month 1. August, month 2. September, month 3. This would imply a new ATH by October as a fairly logical guesstimate.
At the time of writing, BTC was trading at $30,126, up more than 17% over the past seven days. The sharp rise in its price was previously attributed to the series of spot BTC ETFs applications filed by traditional finance giants like BlackRock and Fidelity.
