Bitcoin (BTC) price actions might appear to lack momentum this month, but a popular analyst is still eyeing new all-time highs. TechDev recently confirmed his belief that BTC/USD will see a “parabolic top” around the 2024 block subsidy halving. But can Bitcoin achieve a 500% gain in a year?
The next halving, less than twelve months away, is already a hot 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. TechDev, however, believes that the new BTC price record will come sooner rather than later — specifically, in Q2 of next year. This idea was originally covered in a Market Update blog post earlier in May, and this week, 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, it predicts that BTC/USD should top out at around $160,000.
In addition to his primary prediction, TechDev provided an updated log scale BTC price prediction, which he acknowledged was unlikely to come true. He clarified that it is “not a forecast, not a prediction, and not even my primary idea.” This alternate view, formed using a simple log curve, also pegs BTC/USD at a similar price level, but with a quicker timeline — by the end of 2023.
Despite the exciting possibilities of these predictions, it’s essential to remember the volatile nature of the cryptocurrency market. Major events, such as changes in regulations, macroeconomic shifts, or even influential tweets from individuals like Elon Musk, can impact prices in either direction.
On one hand, the positive outlook supports the idea that Bitcoin’s upcoming halving will act as a catalyst for its next all-time high, echoing previous halving cycles. On the other hand, there’s always a chance that expectations may not be met, and the price predictions may not materialize as projected.
Ultimately, it’s crucial for crypto enthusiasts and investors to exercise caution while navigating the ever-evolving market landscape. As with any investment, it’s important to conduct thorough research, stay informed, and keep emotions in check to make well-informed decisions. With that in mind, we can appreciate the exciting prospects of potential future price milestones while maintaining a prudent approach.
Source: Cointelegraph
