Bitcoin (BTC<\/a>) price action may lack momentum this month, but one popular analyst is still eyeing new all-time highs.<\/p>\n In his latest analysis, TechDev confirmed that he believes BTC\/USD will see a \u201cparabolic top\u201d around the 2024 block subsidy halving.<\/p>\n Less than twelve months away, Bitcoin\u2019s next halving is already the topic of debate among market participants.<\/p>\n Some argue that the event will lay the foundations<\/a> for the next all-time high, in line with previous halving cycles. <\/p>\n For TechDev, however, the new BTC price record should come sooner rather later \u2014 specifically, in Q2 next year. <\/p>\n The idea was originally covered<\/a> in a Market Update blog post earlier in May. This week, meanwhile, it was described as his \u201cprimary time-based idea.\u201d<\/p>\n A chart uploaded to Twitter showed the path to the Q2 top dotted with resistance lines \u2014 Fibonacci retracement levels and the current all-time high from 2021.<\/p>\n Ultimately, BTC\/USD should top out at around $160,000, it predicts.<\/p>\n TechDev additionally updated a log scale BTC price prediction which he nonetheless acknowledged was unlikely to come true.<\/p>\n \u201cNot a forecast. Not a prediction. Not even my primary idea,\u201d a prior update<\/a> from August 2022 stated.<\/p>\n Formed using a simple log curve, the idea puts BTC\/USD at a similar price level, but sooner \u2014 by the end of 2023.<\/p>\n Update: #Bitcoin<\/a> on adjusted log time<\/p>\n Time = log(weeks)^3.44 <\/p>\n Next period meets curve at 160-180K December 2023.<\/p>\n Observation based on a sample of 2. pic.twitter.com\/GH3zjEsdti<\/a><\/p>\n \u2014 TechDev (@TechDev_52) May 23, 2023<\/a><\/p><\/blockquote>\n How Bitcoin will behave for the rest of 2023 in the run-up to the halving continues to divide opinion.<\/p>\n Related:\u00a0Bitcoin Halving: How it works and Why it matters<\/a><\/em><\/strong><\/p>\n As Cointelegraph reported, some market participants expect a deeper price correction, with veteran analyst Philip Swift not discounting the chance of a return to $20,000<\/a> in the coming months.<\/p>\n After weeks of cooling, few voices are betting on the kind of upside seen in Q1 to make a comeback in the short term.<\/p>\n In ongoing research, popular trader and analyst Rekt Capital reiterated that Bitcoin was failing to keep hold of support levels required for upward continuation.<\/p>\n “BTC continues to reject from ~$27600. Weeks ago, this level was decisively lost as support. And for the past 2 weeks – it is a firm resistance,” he tweeted<\/a> on May 24. <\/p>\n \u00a0“$BTC is technically positioned for downside. If BTC cannot reclaim $27600 as support soon, BTC will go lower in time.”<\/p><\/blockquote>\n An accompanying chart showed BTC\/USD behavior on weekly timeframes.<\/p>\nCan Bitcoin p gain 500% in a year?<\/h2>\n
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Short-term bullish takes absent<\/h2>\n
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