According to a prominent trader, Credible Crypto, Bitcoin’s price is expected to reach new all-time highs in 2023, with October emerging as a favored month for this achievement. Credible Crypto highlighted the importance of sustained bullish momentum over the next four months, aiming to propel BTC to tackle the $69,000 level. The trader emphasized the exponential increase in momentum during previous parabolic advances and noted Bitcoin’s successful retest of support on monthly timeframes, suggesting a potential new “parabolic advance.”
Solid Performance and Increasing Optimism:
Bitcoin has demonstrated strong performance this month, fueling Credible Crypto’s growing optimism for its continuation. BTC/USD needs to present increasingly larger green monthly candles to sustain the upward trend, aligning with previous impulse periods. The trader highlighted the pattern of momentum peaking at the top during parabolic advances, citing examples of Bitcoin’s previous price surges from $3,000 to $14,000 and from $10,000 to $60,000.
The Potential for a Parabolic Advance:
With the current situation of Bitcoin’s monthly retest complete and a significant monthly candle breaking the $25,000 level, Credible Crypto anticipates that monthly price moves of over $10,000 can be expected once the expansion phase begins. As the previous all-time high (ATH) is approximately $40,000 away, the trader suggests that this gap should be covered within a few monthly candles if the current trend represents a parabolic advance. While the timing of such a move remains uncertain, October is deemed a fairly logical estimate based on the presented analysis.
Diverse Perspectives and Regulatory Considerations:
While Credible Crypto is optimistic about Bitcoin’s future, it is important to note that not all traders share the same sentiment. Despite the recent gains driven by applications for Bitcoin spot price exchange-traded funds (ETFs) by companies like BlackRock, it is uncertain whether these proposals will receive regulatory approval in the United States. Trading firm QCP Capital cautioned that near-term approvals, even for BlackRock, are less likely given the current regulatory landscape.
Famous trader Credible Crypto predicts that Bitcoin will achieve new all-time highs in 2023, with October as a potential month for this milestone. The trader emphasizes the need for sustained bullish momentum and draws parallels to previous parabolic advances in Bitcoin’s price history. While Credible Crypto’s estimation is based on logical analysis, the timing of such an upward move remains uncertain. It is worth noting that not all traders are convinced of the imminent regulatory approval for Bitcoin ETFs. With BTC currently trading around the $30,000 mark, the cryptocurrency market eagerly awaits how the situation unfolds in the coming months.
