BTC price to hit all-time high in 2023 due to Bitcoin’s ‘parabolic advance’ – Trader.
A popular trader predicts that Bitcoin (BTC) will reach new all-time highs in 2023 and that the favorite month for this to happen is October. Credible Crypto, in a tweet on June 22nd, stated that the next four months should deliver the bullish BTC price momentum required to tackle $69,000.
October “fairly logical” for new Bitcoin all-time highs
Bitcoin has performed solidly this month, and Credible Crypto is increasingly optimistic about its continuation. For it to do so, BTC/USD needs to present increasingly larger green monthly candles to keep it in line with previous impulse periods.
“What’s clear with any parabolic advance is that momentum increases exponentially and peaks at the top. We can see this in both prior impulsive moves from 3k-14k and from 10k-60k,” he explained.
This time around, Bitcoin has successfully retested support on monthly timeframes, with $25,000 now possibly acting as a springboard for a new “parabolic advance.”
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“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,” he continued.
“This means I would expect that once expansion begins (which it looks like it has) we should see monthly moves of > 10k at a time, easily. From current levels to prior ATH is a $40,000 gap. This gap should then, logically, be covered within a few monthly candles if this is a parabolic advance.”
Credible Crypto added that timing for such a move remains open, but suggested October as a “fairly logical guesstimate.”
Too early to celebrate?
Other traders are also keen for a return to record BTC price levels. However, not everyone believes that the impetus for recent gains showcased by applications from BlackRock and others to launch Bitcoin spot price exchange-traded funds (ETFs) in the United States will get the green light. Trading firm QCP Capital warned this week that the current make-up of U.S. regulatory oversight means that “near-term” approvals, even for BlackRock, remain less than likely.
BTC/USD traded around the $30,000 mark at the time of writing, according to data from Cointelegraph Markets Pro and TradingView, having cooled upside volatility the day prior.
