Widely followed pseudonymous crypto trader CrediBULL Crypto says that Bitcoin (CRYPTO: BTC) could hit a new all-time high this year based on historical precedence.
In a tweet last Wednesday, the crypto analyst indicated that BTC could replicate previous impulse waves such as the one witnessed in 2020.
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
The analyst, however, pointed out that the market hasn’t yet gotten a perfect retest of the black support/resistance level at $25,200. “Note that in 2020 we tested ($10,000) and wicked below to complete the retest,” he wrote.
Meanwhile, BitMEX founder Arthur Hayes said last week that the macro environment is starting to look favorable for Bitcoin.
In an interview with Peter McCormack on an episode of “What Bitcoin Did,” Hayes said that the U.S. government will do what it usually does during a debt deadline crisis — wait until the last moment before raising the limit.
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“Usually what happens is they delay, delay, delay … Then, you know, they get to the date … The market starts tanking, and then they get religion and [say,] ‘Okay, yeah, sure, we’re just going to raise the debt ceiling,’” he said.
Hayes added that raising the debt limit and issuing fresh liquidity to fund the U.S. government’s debt and potential financial disruptions in the coming months could provide the catalyst for a burst to the upside for Bitcoin.
At the time of writing, Bitcoin was trading at $27,433, up by 3 percent in the last seven days.
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