Widely respected pseudonymous crypto trader CrediBULL crypto says that bitcoin BTC/USD could hit a new all-time high this year based on historical precedents.

In a tweet last Wednesday, the crypto analyst indicated that BTC could repeat previous impulse waves like the one seen in 2020.

However, the analyst noted that the market has yet to fully retest the black support/resistance level at $25,200. “Note that we tested in 2020 ($10,000) and took the following steps to complete the retest,” he wrote.

Meanwhile BitMEX founder Arthur Hayes said last week that the macro environment is starting to look favorable for bitcoin.

in a (n interview With Peter McCormack on an episode of What Bitcoin Did, Hayes said the US government will do what it normally does in a debt crisis — wait until the last moment before raising the limit.

Also read: Bitcoin thief who stole nearly $5 million and was photographed in a bathtub filled with cash gets 4 years in prison

“Usually they delay, delay, delay… Then, you know, they get to the date… The market starts to go down, and then they get religion and [say,] “Okay, yeah, sure, we’re just going to raise the debt ceiling,” he said.

Hayes added that raising the debt ceiling and issuing new liquidity to fund U.S. government debt and possible financial disruptions could be the catalyst for a bullish trend in Bitcoin in the coming months.

At the time of writing, Bitcoin was trading at $27,433, up 3 percent over the past seven days.

Now read: Crypto Trader Predicts Dogecoin Rally If Bitcoin Hits All-Time High This Year: “Mother Of All Alts Seasons To Follow”

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