A bold prediction states that BTC price can gain 500% between now and April 2024.
Bitcoin BTC ($26,220) price action may not be strong this month, but one popular analyst is still targeting an all-time high.
In its latest analysis, TechDev confirmed that it believes that BTC/USD will see a “parabolic top” around 2024, a global medium support. Can Bitcoin gain 500% in a year?
In less than 12 months, there is a debate about the decline of Bitcoin again among market participants. Some say that this episode will set the stage for the season ahead, in line with the previous half-century’s plot.
For TechDev, however, it is expected that a new BTC price record will come soon, in the second quarter of 2024. This idea was first covered on the Market Update blog in early May. This week, meanwhile, it was described as “the main idea of the season.”
A chart uploaded to Twitter shows the path to the top of Q2 with a resistance line, Fibonacci retracement and current highs through 2021. Ultimately, BTC/USD should reach $160,000, he predicts.
TechDev also updated a log-number BTC price forecast which it believes is unlikely to materialize. “It’s not a prediction. It’s not a prediction. And not my main idea,” said a previous update from August 2022.
Created using a simple logarithmic formula, the concept puts BTC/USD at the same price level, but earlier – at the end of 2023. Cows are short-lived
What Bitcoin will look like for the rest of 2023 as the impending breakout continues to divide opinion.
As reported by Cointelegraph, some market participants expect a deep price correction, and veteran analyst Philip Swift does not rule out the possibility of a return to $20,000 in the coming months. After a few weeks, a few voices bet on the type of face seen in the first quarter to make a short comeback.
In further analysis, the trader and analyst Rekt Capital reiterated that Bitcoin did not hold the level of support required for further progress. “BTC continues to decline from ~$27,600. In the past few weeks, this level has completely stopped as support. But in two weeks it is a strong stability,” he tweeted on May 24.
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