3 min read
Bitcoin, the world’s most popular digital cryptocurrency has captivated the attention of investors and traders all over the globe. However, its price behavior is quite lackluster, a well-known analyst known as TechDev remains bullish on BTC’s future.
A bold prediction states that BTC proves will gain a 500% surplus between now and April 2024.
Despite the lack of momentum in price action this month, a well-known analyst is looking for new record highs.
According to the latest analysis, TechDev confirmed the news that BTC/USD is expected to see a “parabolic top” around the year 2024 block subsidy halving.
Is It Expected That Bitcoin Will Gain 500% In A Year?
According to market experts, less than 12 months away, Bitcoin’s next halving is already a hot topic of debate among market stakeholders.
However, some claim that similar to previous halving cycles, the event will lay the groundwork for the next all-time high.
Whereas, the new BTC price record should come sooner than later in Q2 of 2024. The idea was initially generated from the market earlier this May, This week meanwhile it was mentioned as a “primary time-based idea”
A graph on Twitter presented the path to the Q2 top dotted with resistance lines, Fibonacci, retracement levels, and the current all-time high from 2021.
The graph predicts BTC/USD should top out at nearly $160,000
Impact Reduction and Market Sentiment
On average, Bitcoin’s halving event takes place after every four years and has potentially had a big influence on its price. This time some market players predict the biggest price decline, while others are bullish on a new all-time high.
Additionally, TechDev updated a log scale BTC price forecast, which the analysts acknowledge was unlikely to be accurate.
Another update from August 2022 states that “Not a forecast, not a prediction not even my primary idea”
In addition, the idea puts BTC/USD at a similar price level but sooner by the end of 2023.
Update: #Bitcoin 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
It is still so early to say how Bitcoin will behave for the rest of 2023 in the run-up to the halving continues to divide opinions.
As per Coin Telegraph, some market participants including seasoned analyst Philip Swift, do not rule out the possibility of a return to $20,000 in the upcoming months.
However, few people are making short-term bets on the kind of upside seen in Q1 after weeks of cooling. Popular trader and analyst Rely Capital reiterated in ongoing research that Bitcoin failed to hold onto support levels necessary for upward continuation.
“Bitcoin continues to reject from -$27600 weeks ago, this level was decisively lost as support. And for the last two weeks it is a form resistance ” tweeted on May 24.
“BTC is technically positioned for downside. If BTC cannot reclaim $27600 as support soon, BTC will go lower in time”.
The below chart shows BTC/USD behaviors on weekly timeframes
Conclusion
The trajectory of Bitcoin’s price in the future is still a topic of intense debate and speculation. TechDev predicts that the block subsidy halving in 2024 could lead to a potential parabolic park and a new all time-high for BTC/USD. Even though short-term market sentiments appears to be more cautious.
Speculations about Bitcoin’s future performance is still fueled by the impending halving event. As for further financial decisions, people are advised to do their own research and exercise caution when considering cryptocurrency investments.
Read more:
How Does Bitcoin Impact the Financial System of Pakistan?
Intel Ends Production for its Bitcoin Mining Chip Series
