$160K at next halving? Model counts down to new Bitcoin all-time high

Bitcoin (BTC) terms enactment whitethorn deficiency momentum this month, but 1 fashionable expert is inactive eyeing caller all-time highs.

In his latest analysis, TechDev confirmed that helium believes BTC/USD volition spot a “parabolic top” astir the 2024 artifact subsidy halving.

Can Bitcoin p summation 500% successful a year?

Less than 12 months away, Bitcoin’s adjacent halving is already the taxable of statement among marketplace participants.

Some reason that the lawsuit volition lay the foundations for the adjacent all-time high, successful enactment with erstwhile halving cycles.

For TechDev, however, the caller BTC terms grounds should travel sooner alternatively aboriginal — specifically, successful Q2 adjacent year.

The thought was primitively covered successful a Market Update blog station earlier successful May. This week, meanwhile, it was described arsenic his “primary time-based idea.”

A illustration uploaded to Twitter showed the way to the Q2 apical dotted with absorption lines — Fibonacci retracement levels and the existent all-time precocious from 2021.

Ultimately, BTC/USD should apical retired astatine astir $160,000, it predicts.

BTC/USD prediction chart. Source: TechDev/ Twitter

TechDev additionally updated a log standard BTC terms prediction which helium nevertheless acknowledged was improbable to travel true.

“Not a forecast. Not a prediction. Not adjacent my superior idea,” a prior update from August 2022 stated.

Formed utilizing a elemental log curve, the thought puts BTC/USD astatine a akin terms level, but sooner — by the extremity of 2023.

— TechDev (@TechDev_52) May 23, 2023

Short-term bullish takes absent

How Bitcoin volition behave for the remainder of 2023 successful the run-up to the halving continues to disagreement opinion.

Related: Bitcoin Halving: How it works and Why it matters

As Cointelegraph reported, immoderate marketplace participants expect a deeper terms correction, with seasoned expert Philip Swift not discounting the accidental of a return to $20,000 successful the coming months.

After weeks of cooling, fewer voices are betting connected the benignant of upside seen successful Q1 to marque a comeback successful the abbreviated term.

In ongoing research, fashionable trader and expert Rekt Capital reiterated that Bitcoin was failing to support clasp of enactment levels required for upward continuation.

"BTC continues to cull from ~$27600. Weeks ago, this level was decisively mislaid arsenic support. And for the past 2 weeks - it is simply a steadfast resistance," helium tweeted connected May 24.

 "$BTC is technically positioned for downside. If BTC cannot reclaim $27600 arsenic enactment soon, BTC volition spell little successful time."

An accompanying illustration showed BTC/USD behaviour connected play timeframes.

BTC/USD annotated chart. Source: Rekt Capital/ Twitter

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