Renowned cryptocurrency analyst and trader, operating under the pseudonym CredibleCrypto, has made a bold projection for Bitcoin (BTC), the largest crypto by market cap before the end of the year.
With a significant following of 343,800 on X (formerly Twitter), he asserts that Bitcoin will experience a triple-digit surge, reaching a price point of over $70,000 by the end of this year. This represents a staggering increase of approximately 135% from its current level.
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In CredibleCrypto’s own words: “$70,000+ this year, in case I wasn’t clear before.”
70k+ this year, in case I wasn't clear before 🥹 $BTC https://t.co/oS7v2ZonC8
— CrediBULL Crypto (@CredibleCrypto) August 8, 2023
However, there is a twist to his prediction. The analyst suggests that Bitcoin could trade within a specific range before the anticipated major rally begins. He emphasizes the importance of recent price stability and the preservation of the “green zone” around the $29,000 mark.
Elaborating on his viewpoint, CredibleCrypto asserts: “We got that strength and our green zone held [around the $29,000 price level]! That may very well have been our bottom – that being said, this move up so far still looks corrective and we have a sharp rejection on lower time frames, so do not be surprised if we chop around for a bit longer before the mega move up starts. Don’t lose sight of the big picture here and don’t flip bearish if we move down a bit from here either – anything above $25,000 is a gift.”
According to the analyst, once Bitcoin surpasses its all-time high of $69,000 set in November 2021, the flagship crypto will embark on a meteoric surge to break above $100,000.
CredibleCrypto confidently states: “$100,000+ is what I’m expecting for the end of the move that breaks the prior all-time high. It will come a few months after we break the all-time high. If we break the all-time high this year, that could mean $100,000 this year or early next.”
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In conclusion, market participants eagerly await the outcome of CredibleCrypto’s prediction, watching as Bitcoin potentially rides a surge of over 130% before the conclusion of 2023. Given his track record and substantial online following, the trader’s insights bear considerable weight and could significantly impact investor sentiment in the crypto market.
At time of filing this report, BTC is trading at $29,365, with a relatively 1% price downtrend in the last 24 hours, according to CoinMarketCap.
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