Bitcoin ‘parabolic advance’ means BTC price all-time high in 2023 — Trader

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<p>Bitcoin (BTC) will hit new all-time highs in 2023, and October is the favorite month for it, a popular trader says.</p>
<p>In a <a href="https://twitter.com/CredibleCrypto/status/1671959219627757568" target="_blank" rel="noopener nofollow">Twitter update</a> on June 22, Credible Crypto argued that the next four months should deliver the bullish BTC price momentum needed to tackle $69,000.</p>
<h2>October “fairly logical” for new Bitcoin all-time highs</h2>
<p>Bitcoin has put in solid performance this month, and Credible Crypto is increasingly optimistic for continuation. To do so, BTC/USD needs to present increasingly larger green monthly candles to keep it in line with previous impulse periods.</p>
<p>“Whats clear with any parabolic advance is that momentum increases exponentially and peaks at the top. We can see this in both prior impulsive moves from 3k-14k and from 10k-60k,” he explained.</p>
<p>This time around, Bitcoin has delivered a successful retest of support on monthly timeframes, with $25,000 now possibly a springboard for a new “parabolic advance.”</p>
<p>“So with that in mind, let’s take our current situation- monthly retest complete and the largest monthly candle we have seen thus far was a 10k move which broke us above the monthly level of 25k,” he continued.</p>
<blockquote><p>“This means I would expect that once expansion begins (which it looks like it has) we should see monthly moves of &gt; 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.”</p></blockquote>
<p>Timing for such a move remains open, Credible Crypto added, while suggesting October as a “fairly logical guesstimate.”</p>
<p>“With that being said, that’s all this is- an estimation based on the logic presented above,” he concluded. </p>
<blockquote><p>“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.”</p></blockquote>
<figure><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-06/3e90f447-f147-4560-8b0d-ac659bab2cf9.jpeg" /><figcaption><em>BTC/USD annotated chart. Source: Credible Crypto/Twitter</em></figcaption></figure>
<h2>Too early to celebrate?</h2>
<p>As Cointelegraph continues to report, other traders are also keen for a return to record BTC price levels.</p>
<p><strong><em>Related: 3 Bitcoin price metrics showing ‘insane’ similarities to 2020 breakout</em></strong></p>
<p>At the same time, not everyone believes that the impetus for recent gains — applications by BlackRock and others to launch Bitcoin spot price exchange-traded funds (ETFs) in the United States — will get the green light.</p>
<p>The current make-up of U.S. regulatory oversight means that “near-term” approvals, even for BlackRock, remain less than likely, trading firm QCP Capital warned this week.</p>
<p>BTC/USD traded around the $30,000 mark at the time of writing, according to data from Cointelegraph Markets Pro and TradingView, having cooled upside volatility the day prior.</p>
<figure><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-06/9635d3cc-83d0-4ae4-a3f6-3bdb85d4b720.png" /><figcaption><em>BTC/USD 1-hour chart. Source: TradingView</em></figcaption></figure>
<p><strong><em>Magazine: Gary Gensler’s job at risk, BlackRock’s first spot Bitcoin ETF and other news: Hodler’s Digest, June 11–17</em></strong></p>
<p>This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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<br /><a href="https://cointelegraph.com/news/bitcoin-parabolic-advance-btc-price-all-time-high-2023">Source link </a></p><p>The post <a href="https://forextraderhub.com/bitcoin-parabolic-advance-means-btc-price-all-time-high-in-2023-trader.html">Bitcoin ‘parabolic advance’ means BTC price all-time high in 2023 — Trader</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>