Bitcoin (BTC) is projected to hit $69,000+ in 2023

As the cryptocurrency world evolves, traders and analysts closely monitor Bitcoin (BTC) charts for clues as to future price movements. Among them, popular analyst Credible Crypto has shared his insights and forecast a new all-time high for Bitcoin by 2023.

The forecast is based on the assumption of a sustained “parabolic surge” that could propel the token above its previous high of $69,000.

Bitcoin Parabolic Progress Prediction

The core of Credible Crypto’s prediction lies in the nature of Bitcoin’s “parabolic advance”. This concept describes a situation where the momentum of an asset’s price increases exponentially until it reaches its peak.

According to Credible Crypto, such advances have been evident in Bitcoin’s history, as seen in its surges from $3,000 to $14,000 and from $10,000 to $60,000.

Bitcoin’s recent performance, marked by firm support near $25,000 on monthly timeframes, is seen by Credible Crypto as a potential foundation for another round of parabolic advances. This fresh surge, according to the analyst, is likely to result in monthly moves in excess of $10,000, closing the $40,000 gap from the previous all-time high.

Bitcoin (BTC) analysis by Credible Crypto on Twitter

A “logical” guess for new heights

While warning that these are estimates based on current market conditions, the trader cites October 2023 as a “pretty logical estimate” of when Bitcoin could hit its new all-time high. He clarifies that this is not a definitive prediction, but an estimate based on the logic of Bitcoin’s past behavior.

The analyst noted:

I’m not saying we NEED to hit new all-time highs by October. I’m just saying that I believe we’re going to make new highs by the end of this year and if someone were to force me to pick a month when I think this would happen it would be October. Let’s see how things develop.

Meanwhile, Bitcoin has made significant strides over the past 7 days. The asset has bounced back tremendously from its recent bloodbath in the wake of the US Securities and Exchange Commission (SEC) lawsuit against the two largest crypto exchanges, Binance and Coinbase.

Bitcoin has hit a notable high above $30,000, surging the asset’s value by nearly 20% in the past 7 days. Notably, BTC’s rise comes at a time when financial giants like BlackRock are eyeing the crypto future.

BlackRock, the world’s largest wealth manager, last week announced its latest plan to launch a Bitcoin exchange-traded fund (ETF) pending US regulator approval, sparking an incredible surge in BTC prices.

At the time of writing, Bitcoin is currently trading above $30,000 after trading below this price range last week.

Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USD on TradingView.com

In the past 7 days, Bitcoin’s total market cap has also increased by 18.1%, adding $90 billion in value. Bitcoin’s market cap currently stands at $585.2 billion, up from last Friday’s $494 billion.

Featured image from Unsplash, chart from TradingView

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