- Twitter Bitcoin analyst CrediBull says Bitcoin stands a chance of hitting a new all-time high.
- However, he says Bitcoin must beat some accumulation range to touch a new all-time high.
With the way the crypto market is, many crypto enthusiasts desperately need some good news. Apparently, there’s one, as Twitter Bitcoin analyst CrediBull says Bitcoin has a massive chance of breaking its previous all-time high this year. How is this possible?
Twitter Bitcoin Analyst CrediBull Predicts New Bitcoin All-time High
- On Twitter (now X), Bitcoin analyst CrediBull made some clarifications about the BTC price. Note that this analysis was specially made for those with a low understanding of the charts. So, if you are one, you might have to pay more attention.
- First, these are just personal opinions from the Twitter Bitcoin analyst and not financial advice. Always do your own research before making any financial decision.
- So, CrediBull says the current Bitcoin structure is identical to the one the crypto market saw in the last bull run. Precisely, the current structure is similar to the one when Bitcoin was at $16-18k before a 60-day rally to approximately $60k. While this is not a guarantee, CrediBull says technical structures often repeat themselves, and there’s a chance of a new all-time high.
When Will All-time High Happen According to Twitter Bitcoin Analyst?
- Credible gave a time frame of when the new Bitcoin all-time high will happen depending on what happens in the market. Apparently, CrediBull says re-accumulation is essential for Bitcoin to touch new levels.
- Furthermore, BTC needs the same type of breakout from the accumulation range during the last all-time high. Apparently, this breakout from the accumulation ignited the last bull run, which sent Bitcoin up 200% in 2 months.
- Moreover, a 120% rally after a breakout of this accumulation range is the only thing Bitcoin needs for a new all-time high. So if Bitcoin can make this happen within the remaining 4 months of 2023, there might be an all-time high.
Bitcoin Price Update
- Bitcoin price is still hovering around the $26k level. Although within the last few days, it went down to $25.4k. This was the aftermath of the crypto market crash on the 18th of August. It saw Bitcoin prices drop by more than 9% within a day. At the time of writing, Bitcoin price is still less than 1% in the price increase. Apparently, this is for the 24-hour chart.
- Then for the past seven days, the price charts illustrate the apex crypto’s difficulties. It is down by a whopping 11.15 percent in the past week. For the monthly charts, things aren’t looking so good, too, as Bitcoin is down by more than 12%.
- The recent Bitcoin price update shows the despair in the market. Although Bitcoin liquidations reduced, the crypto hasn’t made any significant step at recovery. Furthermore, the predictions of a new all-time high from the Twitter Bitcoin analyst CrediBull will make the situation interesting to watch.
Conclusion
After the market crash on the 18th, it was quite surprising to see a reputable Twitter Bitcoin analyst CrediBull saying Bitcoin has a chance of hitting a new all-time high. However, he made some conditions for this. Before Bitcoin hits this level, it must first break some accumulation levels.
