In an interesting turn of events, a popular trader, Credible Crypto, has recently argued that Bitcoin could hit a new all-time high in 2023, with October being the prime month for its bullish momentum. The reasoning behind this assumption suggests that over the next four months, BTC price momentum should be strong enough to tackle the $69,000 level. This presents an enticing prospect for crypto enthusiasts and investors alike.
However, it’s essential to approach this prediction with a pinch of skepticism. As with any market forecast, a multitude of factors could influence the outcome, and the anticipated parabolic advance might not occur as predicted. Furthermore, Credible Crypto emphasizes that this is merely an estimation based on logic and current market trends, and should not be taken as a guarantee.
The trader’s argument stems from the fact that Bitcoin has shown solid performance this month, leading to an optimistic outlook for its continuation. In order to maintain its trajectory in line with previous impulse periods, larger green monthly candles are expected. Bitcoin’s largest monthly candle thus far was a $10,000 move which broke above the $25,000 support level. The anticipated parabolic advance to $69,000 assumes monthly moves greater than $10,000 at a time.
However, what remains uncertain is the timing of this move, with Credible Crypto suggesting October as a “fairly logical guesstimate.” It’s important to keep in mind that while the trader believes we might hit a new all-time high by the end of this year, the predictions aren’t set in stone, and many things could change as the market evolves.
Meanwhile, other traders are also keeping an eye on Bitcoin’s price levels and cautiously optimistic for a return to record highs. However, not everyone is convinced that the impetus for recent gains, such as applications from BlackRock and others, will be enough for new Bitcoin spot price ETFs in the United States to gain approval.
In conclusion, while the prospect of Bitcoin hitting a new all-time high in 2023 is certainly worth getting excited about, it’s important to maintain a healthy level of skepticism and keep abreast of market trends and developments. Remember, the crypto markets are volatile, and predicting exact price movements is nearly impossible. As always, approach any investment and trading move with caution and due diligence.
Source: Cointelegraph
