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 a 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.
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.
Too early to celebrate?
As Cointelegraph continues to report, other traders are also keen for a return to record BTC price levels.
At the same time, 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.
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.
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.
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