Bitcoin 'parabolic advance' means BTC price all-time high in 2023 — Trader
Bitcoin (BTC) will hit new all-time highs in 2023, and October is the favorite month for it, a popular trader says.
In a Twitter update on June 22, Credible Crypto argued that the next four months should deliver the bullish BTC price momentum needed to tackle $69,000.
October "fairly logical" for new Bitcoin all-time highs
Bitcoin has put in solid performance this month, and Credible Crypto is increasingly optimistic for continuation. To do so, BTC/USD needs to present increasingly larger green monthly candles to keep it in line with previous impulse periods.
“Whats 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 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,” 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.”Timing for such a move remains open, Credible Crypto added, while suggesting October as a “fairly logical guesstimate.”
“With that being said, that's all this is- an estimation based on the logic presented above,” he concluded.
“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.”
BTC/USD annotated chart. Source: Credible Crypto/TwitterToo early to celebrate?
As Cointelegraph continues to report, other traders are also keen for a return to record BTC price levels.
Related: 3 Bitcoin price metrics showing ‘insane’ similarities to 2020 breakout
At the same time, not everyone believes that the impetus for recent gains — applications by BlackRock and others to launch Bitcoin spot price exchange-traded funds (ETFs) in the United States — will get the green light.
The current make-up of U.S. regulatory oversight means that “near-term” approvals, even for BlackRock, remain less than likely, trading firm QCP Capital warned this week.
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.
BTC/USD 1-hour chart. Source: TradingViewMagazine: Gary Gensler’s job at risk, BlackRock’s first spot Bitcoin ETF and other news: Hodler’s Digest, June 11–17
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.