Cryptocurrency expert names conditions under which bitcoin will set a new record

A cryptocurrency trader known to the community under the pseudonym Credible predicts a record growth of bitcoin BTC $74,970.00 Bitcoin 0.92% Market capitalization $1.48 trillion VOL. 24 hours $3.72 billion in 2023. According to him, the flagship cryptocurrency has managed to overcome the «key psychological resistance» at $ 20,000.

The expert is confident that bitcoin’s growth above $ 21,500 will signal a new bull market. If the positive dynamics continue, the main cryptocurrency may reach a new historical high in the coming months.

«As expected, BTC’s dominance is beginning to grow sharply. Thecryptocurrency is expected to have a mega growth — bitcoin will rise to a new all-time high in the next six months or so,» the analyst said.

The trader compares the current market situation to that of September 2020. Back then, BTC consolidated at around $ 9,000 before spiking to $ 60,000.

Credible emphasizes that bitcoin is currently in the midst of a long-term bull market. In his opinion, last year’s deep correction is part of the fifth wave of the uptrend. Therefore, the trader suggests that bitcoin may cost $ 150,000 in the near future.

The flagship cryptocurrency has repeatedly been predicted to grow significantly in 2023. Thus, the head of the ShapeShift cryptocurrency exchange, Eric Voorhees, said that BTC has every chance of reaching $ 40,000 by the summer. Bitcoin investor and billionaire Tim Draper went even further and predicted the growth of the flagship cryptocurrency to $ 250,000. Mike McGlone, a senior strategist at Bloomberg Intelligence, does not change his long-standing assumptions and assures that by 2025, the BTC will grow to $ 100,000.

As a reminder, on the night of January 14, the flagship cryptocurrency showed significant growth — for the first time in a long time, the bitcoin rate exceeded $ 21,000, and the market capitalization reached $ 1 trillion.

Analysts believe that the growth of the cryptocurrency market is related to macroeconomic factors, as not only the digital asset market but also the stock markets of most countries grew. This demonstrates investors' interest in risky assets, including cryptocurrencies.

It should be added that at the time of writing, bitcoin is worth $ 21,185.