Crypto analyst CredibleCrypto has been actively sharing his bullish outlook on Bitcoin’s near-term price movements through a series of posts on X from October 21 to October 24, 2023. These posts provide a chronological perspective on the analyst’s evolving views.
October 21, 2023
Starting on 21 October 2023, CredibleCrypto initiated the conversation by suggesting that Bitcoin’s price could rise much faster and higher than most people anticipate. This post attracted considerable attention, amassing over 317,000 views.
October 23, 2023
On 23 October 2023, CredibleCrypto continued the discussion by hinting at the possibility of Bitcoin experiencing its first monthly price increase of more than $10,000 in October. This post also gained significant traction, with over 101,000 views. When a user named “kidcrypdoe” questioned the feasibility of such a rapid price increase within a week, CredibleCrypto explained that Bitcoin had already risen by $5,000 this month. He added that another similar increase by the end of the month would align with Bitcoin’s recent performance, which has included several weekly increases exceeding $6,000 since it bottomed out at $15,000.
October 24, 2023
On 24 October 2023, CredibleCrypto further elaborated on his previous statements. He indicated that the price movements observed in the last few days were minor compared to what he expects in the coming weeks. He emphasized that the most substantial price changes usually happen when the Relative Strength Index (RSI) moves into what is considered overbought territory on longer timeframes.
At the time of writing, Bitcoin is trading at around $33,875, down 0.69% in the past 24-hour period.
Source: TradingView
Crypto Jeb, another respected cryptocurrency analyst, has recently provided a bullish forecast for Bitcoin, suggesting that its price could go beyond $70,000 by the end of next year. According to Crypto Jeb, this optimistic outlook is influenced by two main elements: the evolving position of BlackRock on Bitcoin and the monetary policies set by the Federal Reserve. He noted that the bull market of 2020 and 2021 was fueled by the pandemic and the Federal Reserve’s quantitative easing, which led to increased retail investment in Bitcoin and a price surge from $20,000 to $69,000.
Crypto Jeb also highlighted BlackRock’s changing attitude towards Bitcoin, led by its CEO Larry Fink. He believes that BlackRock’s upcoming Bitcoin ETF will be a game-changer, making the cryptocurrency more accessible to average Americans and financial advisors. This, he predicts, could result in a massive capital inflow into Bitcoin, reinforcing its status as a long-term investment.
Furthermore, Crypto Jeb expects the Federal Reserve’s monetary policies to continue playing a significant role in Bitcoin’s price. He anticipates that the Fed might lower interest rates and possibly reintroduce quantitative easing, particularly if the economy faces future recessions. Taking all these factors into account, Crypto Jeb is optimistic that Bitcoin could trade between $70,000 and $100,000 by the end of next year, potentially aligning with Bitcoin’s “halving season” to give its price an additional boost.
