The current pace of the crypto industry is truly remarkable, with several assets experiencing significant recovery after a tumultuous period in recent weeks. Bitcoin’s climb to $30,000 has undoubtedly provided relief to many investors. However, it appears that the asset is not expected to linger at this level for a very long time, as bullish predictions have started emerging.

A notable prediction made by a trader known as Credible Crypto has garnered significant attention. In a recent tweet, the trader forecasted that BTC has the potential to reach its previous all-time high of $69,000 within the next four months. However, the trader emphasized that the upcoming four months would need to bring about strong bullish momentum for Bitcoin to achieve this target.

Bitcoin has demonstrated a strong performance throughout the month. The king coin has surged by 17% over the last week. This further fueled optimism from Credible Crypto regarding the asset’s potential upward movement. However, in order to sustain this momentum, BTC/USD needs to exhibit progressively larger green monthly candles, aligning with previous periods of significant price surges. This ranges from $3,000-$14,000 and from $10,000-$60,000.

source: credible crypto twitter

Credible Crypto further said,

“This time around, Bitcoin has delivered a successful retest of support on monthly timeframes, with $25,000 now possibly a springboard for a new “parabolic advance. So with that in mind, let’s take our current situation- monthly retest complete and the largest monthly candle we have seen thus far was a 10k move which broke us above the monthly level of 25k.”

Far-fetched or a feasible plan for Bitcoin?

The trader pointed out that expansion has already begun. This means that the Bitcoin market could witness monthly moves of more than $10,000. Taking into consideration, the king coin’s current price level, there’s nearly a $40,000 difference. He added,

“This gap should then, logically, be covered within a few monthly candles if this is a parabolic advance. With that being said, that’s all this is- an estimation based on the logic presented above. I am not saying we MUST hit new all-time highs by October, I AM saying I do think we will hit new ATH by the end of this year, and if someone forced me to pick a month in which I think this will occur it would be October. Let’s see how things play out.”

Is BTC on the right track to revisit its ATH?

As previously mentioned, BTC recently experienced a notable surge, reaching a peak of $30,000. In response to this rally, the Bitcoin Greed & Fear Index [GFI] has seen a significant increase from 10% to 93% within a span of one week. The GFI, monitored by Matrixport, aimed to gauge the prevailing market sentiments. According to the reading, above 90% indicate greed or excessive optimism, while figures below 10% indicate extreme fear or pessimism.

Data suggest that an occurrence of an above 90% reading on the Bitcoin Greed & Fear Index has often aligned with temporary price peaks in the asset. On the other hand, a reading below 10% on the index has typically foreshadowed price surges and rallies in the BTC market.

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Bitcoin [BTC] may be gearing up for another surge despite a recent pullback from its 2023 high of $44,000, pseudonymous CryptoQuant analyst Tarekonchain noted in a new report.
These indicators hint at another bullish rally
Tarekonchain assessed three key on-chain indicators and found that their values have gradually increased recently.
Based on these readings, the analyst concluded that
“the bear market for Bitcoin may be subsiding, making way for the early stages of a bull cycle.”
The first metric the analyst considered was BTC’s Net Unrealized Profit/Loss (NUPL). The NUPL metric determines whether BTC holders are currently experiencing unrealized gains or losses. 
It compares the average purchase price of all BTCs investors hold to the current market price. When it rises above zero and remains in an uptrend, it means that BTC holders are in profit. 
According to Tarekonchain a rising NUPL indicates an increasingly profitable market, often correlating with a bullish sentiment.
At 0.48, and in an uptrend, the analyst opined:
“The current trajectory of NUPL suggests an uplift in market optimism, which is a typical precursor to a bull market.”

What the MVRV ratio says
Another metric assessed by the CryptoQuant analyst was BTC’s  Market Value to Realized Value (MVRV) ratio.
An asset’s MVRV ratio tracks the ratio between the asset’s current market price and the average price of every coin or token of that asset acquired.
A positive MVRV ratio above one signals an asset is overvalued, while a negative MVRV value shows that the asset is undervalued. Assessed on a 30-day small moving average, BTC’s MVRV has risen by 11% in the last 30 days. 
According to Tarekonchain:
“The recent upward movement in the MVRV ratio from these lower levels may signal that the market is transitioning from undervaluation to a phase where growth is anticipated, hinting at the start of a bull cycle.”

Lastly, the analyst considered BTC’s Puell Multiple. This indicator provides insights into the profitability of mining operations on the BTC network.
When the value of the metric rises, mining revenue is relatively high compared to the long-term average. On the other hand, a low Puell Multiple indicates that mining revenue is relatively low compared to the historical average.
Taking a cue from BTC’s historical performance, Tarekonchain noted that a low Puell Multiple often marks market bottoms, and many view it as an opportunity to accumulate the leading coin.
With this indicator in an uptrend in recent times, the analyst concluded:

“A gradual increase in this multiple from its lower levels can be interpreted as a reduction in selling pressure and increased profitability for miners, aligning with the potential onset of a bull cycle.”

⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
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