Bitcoin (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 p gain 500% in a year?
Less than twelve months away, Bitcoin’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.
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 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.
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.
