17. April 2024

Bitcoin Predicted to Surge 135%, Analyst Warns of Range-Bound Trading

• Widely followed trader CredibleCrypto predicts a 134% increase in Bitcoin (BTC) price to over $70,000 by the end of 2023.
• CredibleCrypto warns that there may be some range-bound trading before the mega move up begins.
• He further expects Bitcoin to break its all-time high of slightly above $69,000 and reach a price of over $100,000 in the next few months.

Prediction for Bitcoin Price Explosion

A widely followed crypto analyst and trader is predicting a triple-digit rally for Bitcoin (BTC) over the coming months. Pseudonymous analyst CredibleCrypto tells his 343,800 Twitter followers that he expects Bitcoin to surge to a price of over $70,000 this year, an increase of approximately 135%.

Potential Range Bound Trading Before Rally

According to CredibleCrypto, Bitcoin could trade in a range before the major rally he expects kicks off. “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.”

Expected All Time High Breakout

After rallying past the November 2021 all-time high of slightly above $69,000, CredibleCrypto says he expects Bitcoin to meet its first resistance at a price of over $100,000. “$100,000+ is what I’m expecting for the end of the move that breaks 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.”

Advice from Analyst

CredibleCrypto recommends caution when it comes to investing in cryptocurrencies: “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.”

Conclusion

Overall Credible Crypto predicts BTC will surge by at least 134% by 2023 with potential highs reaching beyond 100k per coin while advicing investors to remain cautious and aware.