- Bitcoin has continued to exhibit impressive price moves impacted by different factors.
- A top trader has predicted a $100,000 price target by the end of the year.
The world’s largest crypto Bitcoin (BTC) is witnessing impressive price swings, attracting both fervent supporters and skeptical traders across the board. A Pseudonymous analyst named Credible Crypto has made bold predictions, suggesting that Bitcoin is set to surge by 150 percent and reach an all-time high of $100,000 by the end of this year.
The analyst told his made bold predictions followers that his predictions of new all-time highs for Bitcoin in 2023 are hinged on previous records attained by the premier digital asset. Credible Crypto cites a specific time in 2020 when Bitcoin encountered significant opposition before breaking through.
Keep hearing “how can we reach new ATH before the end of the year? It’s impossible.”
About where I think we are now compared to our last impulse. Note that the S/R flip and retest at 10k took about 3 months to complete.
2 months later we had rallied 90% to new all time highs.… pic.twitter.com/6KYjkju3QY
— CrediBULL Crypto (@CredibleCrypto) May 24, 2023
At that time, Bitcoin faced numerous challenges in breaking through a significant resistance level, which led to a protracted consolidation phase. However, once the resistance was decisively breached, Bitcoin experienced a substantial rally, ultimately reaching new all-time highs.
Specifically, Credible Crypto revealed that the support/resistance flip and retest at $10,000 took about three months to complete. Two months later, Bitcoin had rallied 90 percent to new all-time highs. Four months after, the coin hit the top for the impulse – just a total of six months after completing the support/resistance flip and retest at $10,000 and over 500 percent higher.
The analyst, however, admitted that Bitcoin’s price movement in 2023 differs significantly from that of three years ago. Credible Crypto notes that Bitcoin has not yet undergone a perfect retest of the support/resistance level at $25,200, unlike the retest that occurred in 2020 around the $10,000 level.
Additionally, the pseudonymous analyst highlighted that Bitcoin’s current price action may not replicate the exact timing and magnitude of previous impulses, but similarities can be expected.
Meanwhile, ChatGPT, an AI messaging tool has also made bold predictions that Bitcoin might be worth $33,000 by the end of 2023. This prediction represents a 52 percent drop from Bitcoin’s all-time high of $68,789.
Can Bitcoin Defy Conventional Patterns?
While a surge to $100,000 may seem ambitious, it’s not without precedence. Bitcoin has experienced rapid and substantial price increases in the past, surpassing expectations and confounding skeptics. The cryptocurrency’s ability to defy conventional market patterns has become one of its defining characteristics.
However, there are certain factors that would need to be watched when analyzing the price movement of Bitcoin. Government regulations play a crucial role in shaping the cryptocurrency market. Any significant regulatory developments, such as the introduction of new laws or restrictions, can impact Bitcoin’s price.
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Favorable monetary measures that are specifically targeted at fighting inflation cannot be ruled out as a factor in pushing Bitcoin’s price outlook. Central banks around the world, including the US Federal Reserve in the form of made bold predictions have helped trim inflation to its lowest level.
Furthermore, the infusion of funds from institutional investors also has the potential to drastically alter Bitcoin’s price.
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