Renowned cryptocurrency enthusiast, Credible Crypto, anticipates that Bitcoin will surpass its former record of $69,000 in the approaching months. If the analyst’s predictions hold true, Bitcoin will carve new pinnacles in 2023, with October being the most likely candidate for such an event.
In an enlightening Twitter post on June 22, Credible Crypto emphasizes the critical role of the next four months in enabling Bitcoin to garner the positive price momentum required to overcome the $69,000 barrier.
Anticipating Bitcoin’s October Surge: An Analysis
Bitcoin’s commendable track record this month has prompted Credible Crypto to maintain a sanguine view of its future rise. To make this a reality, Bitcoin (BTC/USD) needs to consecutively produce larger positive monthly candles, following its previous high-impact periods.
A parabolic advancement usually demonstrates exponential momentum and reaches a climax at its pinnacle. Such a pattern is detectable in Bitcoin’s historic fluctuations, particularly during its ascents from 3k-14k and 10k-60k, notes the analyst.
At the moment, Bitcoin has favorably reassessed support on monthly timeframes, turning the $25,000 mark into a likely launchpad for a fresh “parabolic advance.”
In his analysis, Credible Crypto suggests that considering the existing market status and the biggest monthly candle jump of 10k that broke through the monthly level of 25k, we can reasonably foresee future monthly increases exceeding 10k. The $40,000 void between the current levels and the former ATH can logically be bridged within several monthly candles if this constitutes a parabolic advance.
The precise timing for such a shift is yet to be ascertained, though Credible Crypto indicates October as a sensible estimate.
He concludes his insights with, “I’m not claiming that a new ATH must be achieved by October. However, I do believe we’ll touch a new ATH by the year’s end, and if forced to choose a month, October seems most likely.”
Are We Jumping the Gun?
According to consistent reports from Cointelegraph, numerous traders eagerly anticipate Bitcoin’s journey to record-breaking price levels.
Conversely, not all are convinced that the recent price hike, propelled by Bitcoin spot price ETF applications from firms like BlackRock in the U.S., will pass regulatory approval.
Trading corporation QCP Capital cautions that the current regulatory environment in the U.S. insinuates that even BlackRock’s “near-term” approvals remain dubious.
Data from Cointelegraph Markets Pro and TradingView reveal that BTC/USD was hovering around the $30,000 mark at the time of reporting.
While Credible Crypto’s analysis offers an insightful perspective, it’s crucial to acknowledge the volatility characteristic of the cryptocurrency market. Factors such as regulatory changes, technological advancements, market sentiment, and overarching economic trends drive Bitcoin and other cryptocurrencies’ significant price fluctuations. While these forecasts provide substantial understanding, they are not absolute predictors of future outcomes.
Investors must always remember the risks associated with cryptocurrency investments despite the promising price projections. Conducting in-depth research before investing and considering portfolio diversification to mitigate potential losses is crucial. Cryptocurrencies should ideally be a component of a varied investment portfolio that includes a balanced mix of traditional and unconventional assets.