A bold prediction says that BTC price could increase by 500% between now and April 2024. According to Cointelegraph
Bitcoin (BTC) price action may lack momentum this month, but a prominent 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 block subsidy halving in 2024.
CAN BITCOIN UP 500% IN ONE YEAR?
Less than 12 months away, Bitcoin’s next halving has been the subject of debate among market participants.
Some argue that this event will lay the groundwork for the next all-time high, in line with previous halving cycles.
However, for TechDev, a new BTC price record will soon arrive in Q2 2024.
A chart uploaded to Twitter shows the path to a Q2 top with resistance lines, a Fibonacci retracement level and the current all-time high from 2021.
Eventually, BTC/USD will peak around $160,000, TechDev predicts.
TechDev has also updated a log-scale BTC price prediction that he admits is unlikely to come true.
“Not a forecast. Not a prediction. Not even my main idea,” said an earlier update from August 2022.
Formed using a simple logarithmic curve, the idea puts BTC/USD at a similar price, but earlier — at the end of 2023.
SHORT-TERM UP TREND GOSSES
How Bitcoin will perform for the rest of 2023 before the next halving causes mixed opinions.
Some market participants expect a deeper correction, with veteran analyst Philip Swift not ruling out a return to $20,000 in the coming months.
After weeks of cooling off, few voices are betting that the bullish pattern seen in Q1 will return shortly.
In ongoing research, prominent trader and analyst Rekt Capital has reiterated that Bitcoin has failed to hold the necessary support levels to continue its upward move.
“BTC continues to reject ~$27,600. Weeks ago, this level was completely lost as support. And for the last 2 weeks – it’s been a solid resistance,” he tweeted on May 24.
BTC is technically positioned to be bearish. If BTC fails to reclaim $27,600 as support soon, BTC will drop over time.
An accompanying chart shows BTC/USD behavior on weekly timeframes.