Decentral Block Post

Bitcoin (BTC) will hit new all-time highs in 2023, and October is the favorite month for it, a popular trader says.

In a Twitter update on June 22, Credible Crypto argued that the next four months should deliver the bullish BTC price momentum needed to tackle $69,000.

October “fairly logical” for new Bitcoin all-time highs

Bitcoin has put in a 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.

“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.

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.”

After a grand opening in March, Australian fast-food diner Shiba Wings has seen plenty of customers walking through the doors for their fried delectables. 

Their appetite, however, hasn’t translated to crypto payments.

The Shiba Inu (SHIB) themed diner first opened its doors in Australia’s beachside city Surfers Paradise on March 18, 2023.

Speaking to Cointelegraph, the pseudonymous owner of the diner, “Elijah,” said their first week saw roughly $168 (250 Australian dollars) worth of crypto payments. In the months that followed total crypto payments dropped off, falling to an average of around $34 (50 Australian dollars) per week.

Most of these payments have been Shiba Inu, followed by Dogecoin (DOGE) and then Cardano (ADA).

Some news sources have been fond of making comparisons between Bitcoin’s (BTC) price action and that of other assets. In particular, the two most commonly compared asset classes are gold and tech stocks.

While a correlation holds, it tends to be a big news story. Throughout much of 2022 and early 2023, for example, the “Bitcoin trades in tandem with tech stocks” narrative was prevalent. Since that correlation has broken down, however, there doesn’t seem to be much related news coverage.

Now a new narrative has taken the spotlight: that of Bitcoin’s correlation to gold. Ever since the failures of Silvergate, Signature Bank, and Silicon Valley Bank in March, both assets have rallied. Both of these narratives make sense on the surface. If Bitcoin is to be seen as a speculative asset, then it might trade similar to a tech stock. And if Bitcoin is more of a safe-haven asset, a correlation to gold seems reasonable.

It’s important to note, however, that correlations can come and go. Just because two assets share a correlation for a time doesn’t always mean they share a place in the market long-term. And when zooming out to larger timeframes, it might be possible to rule out correlations of any kind.

Let’s examine both of these correlations on a one-year basis and see if there’s any merit to them.

Bitcoin’s 15% rally toward $30,300 between June 19 and June 21 caught most traders by surprise, triggering $125 million in liquidations of leveraged short futures contracts. Narrowing down the trigger for the rally is complicated, but some analysts point to the potential inflow of institutional investors if BlackRock’s exchange-traded fund (ETF) application gets regulatory approval.

ARK Invest CEO and chief investment officer Cathie Wood explained the rationale for the firm’s bullishness on the Bitcoin (BTC) price, specifically its $1 million target. According to Wood, even in a deflationary environment, Bitcoin can still outperform by offering a solution to the traditional financial system’s counterparty risk.

Furthermore, the negative regulatory pressure eased on June 16 after Binance was able to strike a temporary agreement with the U.S. Securities and Exchange Commission to avoid a potential asset freeze. The event further cemented Bitcoin bears’ opportunity to profit on the $715 million weekly BTC options expiry.

Bears made a mistake when BTC’s price dropped below $25,000

Bitcoin’s price dropped below $26,300 on June 10, fueling bearish bets by traders using options contracts. Such a level was only recouped on June 16, which explains why bears have concentrated their bets on Bitcoin trading below $27,000.

The 0.82 put-to-call ratio reflects the difference in open interest between the $415 million call (buy) options and the $300 million put (sell) options. However, the outcome will be lower, as bears were caught by surprise as Bitcoin gained 10% in two days.