A famous trader, Credible Crypto, makes a very different Bitcoin prediction. Let’s say that the predictions are full of enthusiasm. Let’s see when these enthusiastic predictions will come true.
Bitcoin price predictions
According to Credible Crypto, Bitcoin has the potential to surpass its previous high of $69,000 in the next four months. Bitcoin’s impressive performance in the last period demonstrates strong momentum supported by Credible Crypto. Bitcoin’s previous parabolic advances have followed a pattern where the momentum has grown exponentially and peaked. This time, Bitcoin has successfully retested support levels on monthly timeframes. BTC is preparing for a new “parabolic advance” by breaking above $25,000. To continue this progress, Bitcoin needs to display larger green monthly candles.
Based on its analysis of current market conditions, Credible Crypto suggests that October is a logical forecast for Bitcoin to hit all-time highs. This forecast is based on the expectation that Bitcoin will show price movements greater than $10,000 per month when the expansion begins. If this parabolic progression continues, it will be possible to close the $40,000 gap between the current levels and the previous all-time high in a few months.
Uncertainty, optimism and regulatory challenges to Bitcoin spot price ETFs
Many investors are optimistic about the future of Bitcoin. However, concerns remain regarding the approval of Bitcoin spot price ETFs by US regulatory agencies. Trading firms like QCP Capital warn that the current structure of regulatory oversight makes it difficult for big players to get near-term approval for spot ETFs. The SEC’s recent actions have been in question, particularly the lawsuits it has filed against leading exchanges. Accordingly, recent developments raise doubts about the possibility of approval of spot ETFs. The leadership of SEC Chairman Gary Gensler further complicates the situation.
After Bitcoin’s recent price surge, market analysts are anticipating a potential minor correction. This fix provides convenient entry points for long positions. However, there is a possibility that the price could decline towards the $28,500 level. Leading crypto analyst Michael van de Poppe emphasizes that this level can be seen as an opportunity for long positions. However, the SEC approval of spot ETFs plays an important role in Bitcoin’s future price trajectory. QCP Capital argues that the current structure and leadership of the SEC makes spot ETFs less likely to be approved in the near term.
Bitcoin’s near-term outlook and potential resistance levels
Bitcoin has successfully crossed the $30,000 threshold. However, it is facing resistance around $31,000. As the bulls hold their positions, the probability of breaking through this resistance level will increase. In the event of a breakthrough, there is a possibility that the price of BTC could return to around $32,421. However, bears will strongly resist this level. Because the failure to protect this level may result in a significant increase and go up to the level of 40,000 dollars. The bears need to push the price below the EMA20 to trap the bulls. This can trigger the liquidation of long positions. In such a scenario, the support level between $26,800 and $27,400 becomes extremely important.
cryptocoin.com All in all, Bitcoin’s price momentum points to the potential to reach all-time highs in the next four months. Accordingly, October may be a speculated turning point in this regard. However, factors such as legal challenges and the approval of spot ETFs will affect Bitcoin’s future performance. Traders continue to watch resistance levels closely as they await a potential minor correction.
