Bitcoin (BTC) price action may lack momentum this month, but one popular analyst is still eyeing a new all-time high.
TechDev has admitted in its latest analysis that it believes BTC/USD will hit a “parabolic ceiling” around the 2024 block subsidy halving.
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With less than 12 months left, Bitcoin’s next halving is already a topic of discussion among market participants.
Some argue that this event will lay the groundwork for the next all-time high in line with previous halving cycles.
But for TechDev, a new BTC price record should come sooner or later in the second quarter of 2024.
the original idea was covered A Market Update blog post from early May said: This week, on the other hand, was described as being his “primary time-based idea.”
A chart uploaded to Twitter showed the path to the top of the second quarter, dotted with resistance lines, Fibonacci retracement levels, and current highs from 2021.
Ultimately, we expect BTC/USD to top out at around $160,000.
![](https://s3.cointelegraph.com/uploads/2023-05/1344c00e-6369-47de-ad43-781d74b0cfc6.png)
TechDev also updated its log-scale BTC price forecast, but still admitted it was unlikely to come true.
“Not a forecast. Not a forecast. Not even my main idea”, previous update Aug 2022 said.
Formed using a simple logarithmic curve, the idea would have BTC/USD at a similar price level, but sooner, by the end of 2023.
update: #bitcoin About adjusted log times
hours = log(weeks)^3.44
The next period will match the curve at 160,000 to 180,000 in December 2023.
Observations based on 2 samples. pic.twitter.com/GH3zjEsdti
—TechDev (@TechDev_52) May 23, 2023
short-term bulls absent
Opinions remain divided over how Bitcoin will perform for the remainder of 2023 in the lead-up to the halving.
Related: Bitcoin Halving: How It Works and Why It Matters
As reported by Cointelegraph, some market participants are expecting further price corrections, and veteran analyst Philip Swift is not discounting the possibility of a return to $20,000 in the coming months.
After weeks of cooling, few bet on a short-term recovery from the upside seen in the first quarter.
Popular trader and analyst Recto Capital has reiterated in an ongoing investigation that Bitcoin has failed to maintain the level of support needed to continue its rally.
“BTC continues to reject from ~$27,600. A few weeks ago, this level was decisively lost as support. tweeted May 24th.
“$BTC is technically on the downside.
The accompanying chart shows the movement of BTC/USD over the weekly timeframe.
![](https://s3.cointelegraph.com/uploads/2023-05/71374c98-18f4-4a9c-831d-075a36e04335.png)
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