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Bitcoin (
$78,146.00 ) (BTC) price action may lack momentum this month, but one popular analyst is still eyeing new all-time highs.
In his latest analysis, TechDev confirmed that he believes BTC/USD will see a “parabolic top” around the 2024 block subsidy halving.
Can Bitcoin ( $78,146.00 ) p gain 500% in a year?
Less than twelve months away, Bitcoin ( $78,146.00 ) ’s next halving is already the topic of debate among market participants.
Some argue that the event will lay the foundations for the next all-time high, in line with previous halving cycles.
For TechDev, however, the new BTC price record should come sooner rather later — specifically, in Q2 next year.
The idea was originally covered in a Market Update blog post earlier in May. This week, meanwhile, it was described as his “primary time-based idea.”
A chart uploaded to Twitter showed the path to the Q2 top dotted with resistance lines — Fibonacci retracement levels and the current all-time high from 2021.
Ultimately, BTC/USD should top out at around $160,000, it predicts.
BTC/USD prediction chart. Source: TechDev/ Twitter
TechDev additionally updated a log scale BTC price prediction which he nonetheless acknowledged was unlikely to come true.
“Not a forecast. Not a prediction. Not even my primary idea,” a prior update from August 2022 stated.
Formed using a simple log curve, the idea puts BTC/USD at a similar price level, but sooner — by the end of 2023.
Update: # Bitcoin ( $78,146.00 ) on adjusted log time
Time = log(weeks)^3.44
Next period meets curve at 160-180K December 2023.
Observation based on a sample of 2. pic.twitter.com/GH3zjEsdti
— TechDev (@TechDev_52) May 23, 2023
Short-term bullish takes absent
How Bitcoin ( $78,146.00 ) will behave for the rest of 2023 in the run-up to the halving continues to divide opinion.
Related: Bitcoin ( $78,146.00 ) Halving: How it works and Why it matters
As Cointelegraph reported, some market participants expect a deeper price correction, with veteran analyst Philip Swift not discounting the chance of a return to $20,000 in the coming months.
After weeks of cooling, few voices are betting on the kind of upside seen in Q1 to make a comeback in the short term.
In ongoing research, popular trader and analyst Rekt Capital reiterated that Bitcoin ( $78,146.00 ) was failing to keep hold of support levels required for upward continuation.
“BTC continues to reject from ~$27600. Weeks ago, this level was decisively lost as support. And for the past 2 weeks – it is a firm resistance,” he tweeted on May 24.
“$BTC is technically positioned for downside. If BTC cannot reclaim $27600 as support soon, BTC will go lower in time.”
An accompanying chart showed BTC/USD behavior on weekly timeframes.
BTC/USD annotated chart. Source: Rekt Capital/ Twitter
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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.
