Bitcoin (BTC), the world's most popular cryptocurrency, has captivated the interest of investors and traders all over the globe. While its price behavior is now lackluster, a prominent analyst known as TechDev remains bullish on BTC's future.
Introduction
His theory predicts that BTC/USD will hit a "parabolic top" around the 2024 block subsidy halving, perhaps leading to new all-time highs. This forecast has aroused disagreement among market players, with some predicting that the next halving would pave the way for a large price increase. In this post, we look at TechDev's BTC price projection as well as the probable effects of the approaching halving on the cryptocurrency market.
Bitcoin Price Prediction
According to TechDev's prediction, BTC/USD will witness a major price increase in the second quarter of 2024, perhaps hitting a high of about $160,000. The forecast is based on a chart with resistance lines, Fibonacci retracement levels, and the previous all-time high from 2021. Although TechDev admits that his forecast is theoretical, it does suggest a probable path for Bitcoin's price rise.
Impact Reduction and Market Sentiment
Bitcoin's halving events, which happen every four years on average, have traditionally had a big influence on its price. As the second halving approaches, perspectives on its likely impact on BTC's value differ. While some market players predict a bigger price decline, others are bullish on a new all-time high. Notably, renowned analyst Philip Swift has not ruled out a retracement to $20,000 in the coming months.
Short-Term Market Prospects
Short-term market sentiment implies a more conservative stance. Following a period of cooling, few experts anticipate a fast upward surge comparable to what occurred in the first quarter of 2023. According to Rekt Capital, a well-known trader and analyst, BTC has failed to hold critical support levels required for an upward continuation. If BTC fails to retake the $27,600 support level, it may suffer continued downward pressure.
Conclusion
The price of Bitcoin's future trajectory is still the subject of heated discussion and conjecture. According to TechDev's estimate, the 2024 block subsidy halving might result in a possible parabolic peak and a new all-time high for BTC/USD. While market sentiment looks to be more cautious in the near term, the forthcoming halving event continues to feed speculation about Bitcoin's future performance. Individuals should perform their own research and take prudence when contemplating cryptocurrency investments, just as they would with any other financial choice.
Disclaimer: This article does not provide investment advice or recommendations. Investing in cryptocurrencies involves risks, and readers should perform their own due diligence before making any investment decisions.
Reference:
URL: https://cointelegraph.com/news/160k-halving-btc-price-prediction-model-count-down-new-bitcoin-all-time-high
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