Bitcoin Bull Run Imminent; BTC New ATH Soon?

Bitcoin News: Bitcoin (BTC) is riding on an uptrend registering a massive surge of 81% on the year to date (YTD) basis. BTC is still trading down by 56% from its all time high (ATH) of $68,789 registered on November 10, 2021. However, crypto analyst suggests that Bitcoin might see a new ATH this year.

Bitcoin Bull Run Coming In?

Bitcoin entered the year 2023 with a trading price of $16,547. Surging against the sentiments, BTC price have almost doubled since then. Bitcoin price managed to record a spike of around 60% in the last 90 days to trade over the crucial $30K level. It is important to note that the world’s largest crypto price witnessed a jump of 36% when the global banking system saw major collapses.

Also Read: This One Metric Indicates Strong Bitcoin Accumulation Ahead of 2024 Halving

Crypto Analyst, Credible Crypto suggested that BTC might see a new all time high this year. This implies that Bitcoin will breach $69k by December, which is the only possible scenario under the aggressive bull run.

He mentioned that the ongoing Bitcoin price rally will end in settling somewhere between $30K-$40K. However, the next six months will see a massive accumulation which will eventually head for the new ATH. After, hovering around the $28K-$29K price levels, Bitcoin managed to break out above the $30k price level.

The analyst highlighted that BTC lost the prior $30k price level due to the wave of black swan events. The collapse of TerraLuna Labs, 3AC and FTX crypto exchange triggered massive liquidations and panic selling. Read More Bitcoin News Here…

He added that reclaiming these price levels will see traders hanging around and who panic sold their holdings take their time to accumulate again. This will eventually trigger the ride to $70K.