$160K next stop? Model Countdown to New Bitcoin All-Time High

Bitcoin (BTC) price action may have slowed down this month, but one popular analyst is still eyeing all-time highs.

In its latest analysis, TechDev confirms that it believes BTC/USD will see a “parabolic top” around 2024 block subsidies.

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With less than twelve months to go, the next halving for bitcoin is already a topic of debate among market participants.

Some argue that this event will set the stage for the next all-time high, in line with previous halving cycles.

For TechDev, however, the new BTC price record should be coming soon – specifically, in Q2 next year.

the idea was originally Covered In a Market Update blog post in early May. This week, meanwhile, it was described as his “primary time-based idea”.

A chart uploaded to Twitter showed the top of the second quarter dotted with resistance lines – Fibonacci retracement levels and current all-time highs from 2021.

Ultimately, BTC/USD should move above around $160,000, it predicts.

TechDev additionally updated a log scale BTC price prediction, which he still acknowledged is unlikely to come true.

“Not a forecast. Not a prediction. Not even my primary thought,” a pre update It has been said from August 2022.

Constructed using a simple log curve, the idea puts BTC/USD at the same price level, but sooner – by the end of 2023.

Updates: #bitcoin adjusted log on time

time = log(weeks)^3.44

The next period meets the curve at 160-180K Dec 2023.

Observations based on a sample of 2. pic.twitter.com/GH3zjEsdti

— TechDev (@TechDev_52) May 23, 2023

short term bullish takes absent

Opinion is divided on how bitcoin will behave in the remainder of 2023.

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As Cointelegraph reported, some market participants are expecting a deeper price correction, with veteran analyst Philip Swift not ruling out the possibility of a return to $20,000 in the coming months.

After weeks of sluggishness, some voices are betting on the reversal seen in Q1 to make a comeback in the near term.

In ongoing research, popular trader and analyst Rekt Capital reiterated that bitcoin was failing to hold the support levels needed for upward continuation.

“BTC continues to decline from ~$27600. A week ago, this level was decisively lost as support. And for the past 2 weeks – it has been a firm resistance,” he Tweeted On 24 May.

“$BTC is technically located to the downside. If BTC cannot reclaim $27600 as support soon, BTC will move lower with time.”

The attached chart shows the BTC/USD behavior on the weekly time frame.

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This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.