Bitcoin has been exhibiting a commendable performance throughout this month, prompting increased optimism from Credible Crypto regarding its future trajectory. To sustain this upward momentum, the BTC/USD pair needs to present increasingly larger green monthly candles, aligning with the patterns observed during previous notable surges.
Bitcoin has been exhibiting a commendable performance throughout this month, prompting increased optimism from Credible Crypto regarding its future trajectory. To sustain this upward momentum, the BTC/USD pair needs to present increasingly larger green monthly candles, aligning with the patterns observed during previous notable surges.
According to Credible Crypto, the key characteristic of any parabolic advance is the exponential growth of momentum, reaching its pinnacle at the peak. This trend has been evident in past significant moves, such as the surge from 3k to 14k and the remarkable climb from 10k to 60k.
In the current scenario, Bitcoin has successfully undergone a retest of support on monthly timeframes, which is seen as a positive sign. With $25,000 now potentially acting as a springboard for a new “parabolic advance,” the market sentiment is filled with anticipation.
Taking all these factors into consideration, Credible Crypto further explains, “Let us analyze our current situation. We have completed the monthly retest, and the most noteworthy monthly candle thus far showcases a substantial 10k increase, breaking us above the critical monthly level of 25k.”
The combination of a successful support retest, coupled with the formation of larger green monthly candles, presents an optimistic outlook for Bitcoin’s future performance. Market participants are eagerly watching for signs of continuation and the potential for another significant surge in the cryptocurrency’s value.
- “With the onset of expansion, which appears to be underway, it is reasonable to anticipate monthly gains exceeding $10,000. Considering the existing gap of $40,000 from current levels to the previous all-time high (ATH), it is logical to expect this gap to be closed within a few monthly candles if the current trend continues as a parabolic advance.”
Credible Crypto indicated that the exact timing for such a move remains uncertain, but suggested that October would be a “fairly logical guesstimate.”