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Bitcoin

Bitcoin Might Yet Reach $69,000 This Year???

June 23, 2023 - Around 3 mins mins to read

Key Points:

  • Bullish predictions suggest Bitcoin could retest its highs of $69,000 within the next four months, requiring substantial bullish momentum.
  • Bitcoin’s recent rally to $30,000 and an increase in the Bitcoin Fear and Greed Index indicate a positive market sentiment, potentially leading to a retest of all-time highs.
According to bullish forecasts, Bitcoin might retest its highs of $69,000 during the next four months, assuming significant bullish momentum.
Bitcoin Might Yet Reach $69,000 This Year???

However, it appears like BTC will not remain at this level for long, since bullish predictions have begun to surface. A stunning prediction made by a trader known as Credible Crypto has piqued the community’s interest.

Credible Crypto recently predicted that Bitcoin will retest its highs of $69,000 during the next four months in a tweet. However, the trader highlighted that for Bitcoin to attain this aim, the following four months must offer substantial bullish momentum.

Throughout June, Bitcoin has performed admirably. The king coin has increased by 17% in the last week. This adds to the confidence about a possible BTC rally. To maintain this momentum, BTC must produce larger monthly green candles, as seen during prior significant bullish periods. This goes from $3,000 to $14,000 and $10,000 to $60,000.

Bitcoin Might Yet Reach $69,000 This Year???

Around this time, Bitcoin successfully retested monthly support, with $25,000 now potentially serving as a springboard for a new “parabolic rally.”” With that in mind, let’s take a look at where we are now: the monthly retest is complete, and the largest monthly candle we’ve seen so far is a step. “The 10k move broke above the 25k monthly barrier,” claimed Credible Crypto.

The dealer indicates that the upward movement has begun. This suggests that Bitcoin might have monthly gains of more than $10,000.

“If this is a parabolic rally, this gap should be filled in a few monthly candles.” That’s all there is to it – an estimate based on the argument stated above. I’m not saying we HAVE to set a new all-time high in October; rather, I believe we will by the end of the year, and if I had to pick a month in which I believe this would occur, it would be October. “Let’s see how things go,” said Credible Crypto.

As previously stated, BTC recently witnessed a significant bull run, hitting as high as $30,000, the highest level recorded since April. The Bitcoin Fear and Greed Index (GFI) increased from 10% to 93% in a week as a result of BTC’s momentum. Matrixport oversees the GFI, which tries to evaluate the general sentiment of the cryptocurrency market.

As a result, a score of 90% or above suggests excessive greed or optimism, while a score of 10% or lower shows extreme fear or pessimism. According to data, the occurrence of an index exceeding 90% on the Bitcoin Fear and Greed Index frequently corresponds with transitory BTC price peaks. Readings below 10%, on the other hand, frequently presage BTC market rallies and recoveries.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Chubbi

Coincu News

Bitcoin

Bitcoin Might Yet Reach $69,000 This Year???

Key Points:

  • Bullish predictions suggest Bitcoin could retest its highs of $69,000 within the next four months, requiring substantial bullish momentum.
  • Bitcoin’s recent rally to $30,000 and an increase in the Bitcoin Fear and Greed Index indicate a positive market sentiment, potentially leading to a retest of all-time highs.
According to bullish forecasts, Bitcoin might retest its highs of $69,000 during the next four months, assuming significant bullish momentum.
Bitcoin Might Yet Reach $69,000 This Year???

However, it appears like BTC will not remain at this level for long, since bullish predictions have begun to surface. A stunning prediction made by a trader known as Credible Crypto has piqued the community’s interest.

Credible Crypto recently predicted that Bitcoin will retest its highs of $69,000 during the next four months in a tweet. However, the trader highlighted that for Bitcoin to attain this aim, the following four months must offer substantial bullish momentum.

Throughout June, Bitcoin has performed admirably. The king coin has increased by 17% in the last week. This adds to the confidence about a possible BTC rally. To maintain this momentum, BTC must produce larger monthly green candles, as seen during prior significant bullish periods. This goes from $3,000 to $14,000 and $10,000 to $60,000.

Bitcoin Might Yet Reach $69,000 This Year???

Around this time, Bitcoin successfully retested monthly support, with $25,000 now potentially serving as a springboard for a new “parabolic rally.”” With that in mind, let’s take a look at where we are now: the monthly retest is complete, and the largest monthly candle we’ve seen so far is a step. “The 10k move broke above the 25k monthly barrier,” claimed Credible Crypto.

The dealer indicates that the upward movement has begun. This suggests that Bitcoin might have monthly gains of more than $10,000.

“If this is a parabolic rally, this gap should be filled in a few monthly candles.” That’s all there is to it – an estimate based on the argument stated above. I’m not saying we HAVE to set a new all-time high in October; rather, I believe we will by the end of the year, and if I had to pick a month in which I believe this would occur, it would be October. “Let’s see how things go,” said Credible Crypto.

As previously stated, BTC recently witnessed a significant bull run, hitting as high as $30,000, the highest level recorded since April. The Bitcoin Fear and Greed Index (GFI) increased from 10% to 93% in a week as a result of BTC’s momentum. Matrixport oversees the GFI, which tries to evaluate the general sentiment of the cryptocurrency market.

As a result, a score of 90% or above suggests excessive greed or optimism, while a score of 10% or lower shows extreme fear or pessimism. According to data, the occurrence of an index exceeding 90% on the Bitcoin Fear and Greed Index frequently corresponds with transitory BTC price peaks. Readings below 10%, on the other hand, frequently presage BTC market rallies and recoveries.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Chubbi

Coincu News

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