Bitcoin Poised to Reach New All-Time High in 2023, October Favorite, Says Leading Trader
According to leading trader Credible Crypto, Bitcoin price is expected to hit a new all-time high in 2023, with October emerging as the favorite month for this milestone. Credible Crypto highlights the importance of the continued bullish momentum over the next four months, which aims to push BTC to overcome the $69,000 level. Traders emphasized the exponential increase in momentum during the previous parabolic advance and noted the successful retesting of Bitcoin support on the monthly time frame, indicating the potential for a new “parabolic advance”.
Solid Performance and Increased Optimism:
Bitcoin has performed strongly this month, fueling Credible Crypto’s optimism for a continuation. BTC/USD needs to present a growing green monthly candle to sustain the uptrend, in line with the previous period of push. The trader highlighted a pattern of momentum peaking above during a parabolic advance, citing examples of Bitcoin’s previous price spikes from $3,000 to $14,000 and from $10,000 to $60,000.
Parabolic Progress Potential:
With the current Bitcoin monthly retest situation concluding and a significant monthly candle breaking the $25,000 level, Credible Crypto anticipates that a monthly price move of over $10,000 can be expected once the expansion phase begins. As the previous all-time high (ATH) was around $40,000, traders suggest that this gap should be closed within a few monthly candles if the current trend represents a parabolic advance. While the timing of the move is still uncertain, October is considered a fairly logical forecast based on the analysis presented.
Multiple Perspectives and Regulatory Considerations:
While Credible Crypto is optimistic about the future of Bitcoin, it is important to note that not all traders share the same sentiments. Despite recent gains driven by applications for Bitcoin spot price exchange traded funds (ETFs) by companies such as BlackRock, it is uncertain whether these proposals will receive regulatory approval in the United States. Trading firm QCP Capital warns that a short-term approval, even for BlackRock, is unlikely given the current regulatory landscape.
Renowned trader Credible Crypto predicts that Bitcoin will reach a new all-time high in 2023, with October as a potential month for this milestone. Traders stressed the need for continued bullish momentum and drew parallels with previous parabolic advances in Bitcoin price history. While Credible Crypto’s estimation is based on logical analysis, the timing of such upward movement is still uncertain. It should be noted 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 is eagerly awaiting how the situation unfolds in the coming months.
