Bitcoin (BTC) will reach new all-time highs in 2023, and October is the favorite month for it, says a popular trader.
In a update from Twitter on June 22, Credible Crypto argued that the next four months should provide the necessary bullish momentum for BTC price to break above $69,000.
It would be “quite logical” for bitcoin to reach its new all-time high in October
Bitcoin has been performing strongly this month, and Credible Crypto is increasingly optimistic that the pace will continue. To do this, the BTC/USD pair needs to post bigger and bigger green monthly candles, to stay in line with previous momentum periods.
“What is clear with any parabolic advance is that the momentum increases exponentially and peaks at the top. We can see this in both previous impulsive moves of $3,000-14,000 and $10,000-60,000,” he explained.
On this occasion, bitcoin has successfully retested support in monthly terms; the $25,000 will possibly serve as a springboard for a new “parabolic advance”.
“So with that in mind, let’s take our current situation: the monthly retest is complete, and the largest monthly candle we’ve seen so far was a $10,000 move breaking above the $25,000 monthly level,” he continued.
“This means that I would expect that once the expansion starts (which it looks like it has) we should see monthly moves of >10,000 at a time, easily. From current levels to the previous all-time high there is a difference of $40,000. This gap should then logically be covered in a few monthly candles if it is a parabolic advance.”
The time for such a move remains open, Credible Crypto added, while suggesting that October would be a “pretty logical guess.”
“Having said that, that is what it is: an estimate based on the logic presented above,” he concluded.
“I’m not saying we SHOULD hit new all-time highs in October, I’m saying I think we’ll hit new all-time highs by the end of this year, and if someone were to force me to pick a month in which I think this will happen, it would be October. Let’s see how things play out.”
Is it too soon to celebrate?
As Cointelegraph continues to reportother traders are also eager to return to record BTC price levels.
However, Not everyone believes that the momentum from recent gains shown by requests by BlackRock and others to launch spot bitcoin exchange-traded funds (ETFs) in the United States will get the green light.
The current composition of US regulatory oversight means “near-term” approvals, even for BlackRock, remain less than likely, warned trading firm QCP Capital this week.
The BTC/USD pair was trading around USD 30,000 At the time of writing this article, according to data from Cointelegraph Markets Pro and TradingViewafter rising volatility cooled the day before.
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