Bitcoin Is Witnessing A Parabolic Advance- It Could Reach An All-Time High In 2023


A popular trader has mentioned that the price of Bitcoin could reach all-time highs in 2023, and October will end up being the favorite month for it. In a 22nd June Twitter update, Credible Crypto went on to argue that the next few months should ideally deliver the BTC Price momentum that it needs to tackle a sum of $69,000.

The cryptocurrency has already put in quite a solid performance for the month, and Credible Crypto seems to be quite increasingly optimistic for continuation. In order to do so, the BTC/USD would have to present increasingly larger green monthly candles in order to keep in line with the other impulse periods. 

Bitcoin Could Be Heading Towards Record Price Levels

The trader explained that what was pretty clear with any parabolic advance was that the momentum increased exponentially, and then peaked at the top. This could be seen in both the prior impulsive moves from 3k to 14k, and then from 10k to 60k.

This time around, Bitcoin has been able to deliver a successful retest of support on the monthly timeframes, with a sum of $25,000 now possibly a springboard for a completely new parabolic advance. The trader went on to state that with the current situation in mind, the largest monthly candle that had been seen as a 10k move which broke the cryptocurrency above the monthly level of 25k. 

Cointelegraph has continued that there are other traders who are also keen on returning to record the price levels of Bitcoin. At the same time, not everyone is of the belief that the impetus for the most recent gains that were showcased by BlackRock and others to launch the spot ETF will be receiving the green light.