A widely followed crypto strategist and trader is predicting Bitcoin (BTC) will reach a new all-time high before the end of 2023.
Pseudonymous analyst Credible Crypto tells his 341,500 Twitter followers that the top digital asset is likely to rise by more than 130% from its current value of $30,057 in just a matter of months.
“Won’t have to imagine much in a few months… all you will have to use your imagination for is to visualize the rise pictured here at about 2x the speed. New all-time highs THIS YEAR. Let’s get it.”
The trader shares a chart showing Bitcoin first hitting a support level at around $50,000 in 2024 and then crossing the $70,000 level in early 2025.
However, Credible Crypto is predicting that Bitcoin will rally to these levels before the year’s end.
Looking at the Bitcoin dominance chart (BTC.D), the trader predicts a bullish BTC.D until hitting a peak at around 58% in late 2023 and then declining, which he says will spark a massive altcoin run.
The trader believes BTC.D will continue to decline for the first seven months of next year and reach a low of about 35% in July 2024. At time of writing, BTC.D is at about 51.50%.
“We have come a long way from the ‘teal’ region below over the last six months. As I said then, everything we would expect to see with BTC dominance is playing out. The ‘real impulsive move’ has started, BTC has begun ‘accelerating to the upside’ and we have hit my bare minimum target of 50% dominance.
Still think we push higher here over the coming months as BTC continues its impulsive move to new all-time highs.
What should follow though will be the largest alt season we have seen since 2017. Everyone will have their turn.”
Also on the crypto trader’s radar is Ethereum (ETH) challenger Hedera Hashgraph (HBAR).
He warns that HBAR’s bottom is not yet in and could dip toward $0.040 if Bitcoin sees a market correction down to the $25,000 or $26,000 levels.
“As per my last update on HBAR, BTC did end up visiting the $25,000 region and that gave us a move lower on HBAR as expected. We don’t have confirmation on the bottom being in just yet but things are looking good. Congrats if you managed to snag some bars under $0.05! Will update all the HBAR-barians again once we get further confirmation.”
Hedera is trading for $0.048 at time of writing, up 0.5% during the last 24 hours.
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Featured Image: Shutterstock/DomCritelli
Source: https://dailyhodl.com/2023/06/30/crypto-analyst-predicts-bitcoin-to-explode-by-over-130-and-hit-a-new-all-time-high-heres-the-timeline/