A well-known trader has predicted that Bitcoin (BTC) will reach new record heights in 2023, with October being the most likely month for this to happen.
In a tweet on June 22, Credible Crypto predicted that the upcoming four months will bring the positive price movement of Bitcoin necessary to reach $69,000.
October “fairly logical” for new Bitcoin all-time highs
Bitcoin has had a successful month, and Credible Crypto is more hopeful for its future. To continue this trend, BTC/USD needs to continue to show larger and larger gains each month to stay consistent with past momentum.
He elucidated, “It is evident that momentum increases rapidly in a parabolic advance and reaches its peak at the summit. This is demonstrated in both the preceding surges from 3k to 14k and from 10k to 60k.”
This time, Bitcoin has managed to successfully revisit its support level on a monthly basis, potentially using the $25,000 mark as a catalyst for a new “parabolic surge”.
“Therefore, considering our current state of affairs – having completed the monthly retest and witnessing the largest monthly candle to date, a 10k move that pushed us above the 25k monthly level – let’s move forward,” he continued.
Credible Crypto noted that the timing for the move is yet to be determined, but proposed October as a “reasonable assumption”.
He finished by saying, “To sum up, this is simply an estimation based on the logic we have discussed.”
Too early to celebrate?
Other traders are also eager for Bitcoin to reach its all-time high price again, as reported by Cointelegraph.
Three Bitcoin price metrics are exhibiting remarkable resemblances to the 2020 breakout.
At the same time, not everyone is convinced that the motivation behind recent progress – applications from BlackRock and others to introduce Bitcoin spot price exchange-traded funds (ETFs) in the US – will be approved.
QCP Capital, a trading firm, cautioned this week that due to the current composition of U.S. regulatory oversight, it is unlikely that even BlackRock will receive “near-term” approvals.
At the time of writing, BTC/USD was trading around the $30,000 level, as indicated by data from Cointelegraph Markets Pro and TradingView. This followed a decrease in the previous day’s upside volatility.
Gary Gensler’s position in jeopardy, BlackRock’s debut Bitcoin ETF and other updates: Hodler’s Digest, June 11-17.
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