Bitcoin’s ‘Parabolic Advance’ Sets Stage for All-Time High in 2023, Predicts Trader

Bitcoin (BTC)
  • According to a well-known trader, Bitcoin is expected to reach new record levels in 2023, with October being highlighted as a particularly favorable month for this surge.
  • In a recent Twitter post on June 22, the trader, known as Credible Crypto, expressed the belief that the upcoming four months would provide the necessary bullish momentum for Bitcoin to surpass the $69,000 mark.

According to a well-known trader, Bitcoin is expected to reach new record levels in 2023, with October being highlighted as a particularly favorable month for this surge. In a recent Twitter post on June 22, the trader, known as Credible Crypto, expressed the belief that the upcoming four months would provide the necessary bullish momentum for Bitcoin to surpass the $69,000 mark.

October Poised for New Bitcoin All-Time Highs, Indicates Trade

Bitcoin has exhibited a strong performance this month, leading to increased optimism from Credible Crypto regarding its continuation. To maintain this trend, the BTC/USD pair must demonstrate larger monthly green candles, aligning with previous periods of significant upward movement.

The trader explained that during parabolic advances, momentum grows exponentially and reaches its peak at the top. This pattern was observed in previous bullish moves, such as the one from $3,000 to $14,000 and from $10,000 to $60,000.

In the current scenario, Bitcoin has successfully retested support on monthly timeframes, with $25,000 potentially serving as a catalyst for a new “parabolic advance.”

Considering these factors, the trader noted that the monthly retest has been completed, and the largest monthly candle to date resulted in a $10,000 surge, breaking the monthly resistance level of $25,000.

“This means I would expect that once expansion begins (which it looks like it has) we should see monthly moves of > 10k at a time, easily. From current levels to prior ATH is a $40,000 gap. This gap should then, logically, be covered within a few monthly candles if this is a parabolic advance.”

Credible Crypto mentioned that the exact timing for such a move is uncertain but proposed October as a “fairly logical guesstimate.”

He clarified that this estimation is solely based on the logical reasoning presented earlier and concluded by emphasizing that it remains an estimation without precise certainty.

“I am not saying we MUST hit new all time highs by October, I AM saying I do think we will hit new ATH by the end of this year and if someone forced me to pick a month in which I think this will occur it would be October. Let’s see how things play out.”

Is It Too Early to Celebrate? Uncertainties Remain in Crypto Market

Other traders are also keen for a return to record BTC price levels.

However, there are skeptics who doubt that the recent surge in Bitcoin’s value, driven in part by applications submitted by BlackRock and other entities to launch Bitcoin spot price exchange-traded funds (ETFs) in the United States, will receive regulatory approval.

QCP Capital, a trading firm, cautioned that given the current regulatory landscape in the United States, the likelihood of obtaining approvals in the “near-term” remains uncertain, even for BlackRock.

As of now, BTC/USD was trading around the $30,000 level at the time of writing, with a decrease in upward volatility.

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