Bitcoin to Hit New High by April, Analyst Predicts

Bitcoin (BTC) is expected to reach a new all-time high by April, according to a crypto strategist known for making timely calls on the cryptocurrency. The pseudonymous analyst, Credible Crypto, believes that Bitcoin is currently trading in a wide range between $110,000 and $88,000.

While the analyst predicts that Bitcoin's consolidation will eventually resolve to the upside, he expects the cryptocurrency to first drop to the low $80,000 price range to shake out paper-handed traders before kicking off a parabolic surge. In a recent post on the social media platform X, Credible Crypto stated, "On the higher time frame for BTC, it would be nice to have this multi-month consolidation complete with a clean base as pictured before the next impulse begins."

The analyst's chart suggests that after the correction, Bitcoin will soar to a new all-time high of $126,000 by April. However, his short-term bearish outlook for Bitcoin will be invalidated if BTC convincingly takes out its resistance at $110,000.

At the time of writing, Bitcoin is trading for $96,616, a fractional increase on the day. As the cryptocurrency market continues to evolve, investors and traders alike are keeping a close eye on Bitcoin's price action and the insights provided by analysts like Credible Crypto.