Bitcoin Analyst Predicts $160K to $180K Price by December 2023
- TechDev’s analysis of Bitcoin’s price exhibits a price development pattern for the last three cycles.
- Some users think 2023 is too early and project 2025 for the cycle completion.
Given the historical pattern of Bitcoin development, an analyst on crypto Twitter with the identity TechDev has observed the Bitcoin price would reach between $160,000 and $180,000 by December 2023.
TechDev’s analysis shows that Bitcoin’s price has developed in cycles and has respected this price development pattern for the last three cycles. Using a chart that plotted the Bitcoin log price against the adjusted log time, TechDev shows the interval between cycles is 10.2 log periods.
TechDev used this constant to match the pointy tops on the Bitcoin chart and combine both indicators to find an intersection. The analyst deduced the next target with the indicators’ point of intersection, which is December 2023, with the price of Bitcoin between $160,000 and $180,000, as mentioned earlier.
The crypto analyst’s tweet received significant attention, and users reacted based on their preferences and individual analysis. Some respondents were critical of TechDev’s observation. Despite agreeing the price of Bitcoin would likely go higher, they faulted the analyst’s observation, claiming the current cycle will not be complete until the end of 2025.
Several other respondents expressed their excitement over TechDev’s Bitcoin analysis. Some added their opinions to support the analyst’s observation, anticipating the Bitcoin price to rally soon.
According to one of the responders, most investors could expect Bitcoin to exhaust its upward momentum at $96,000, but the price will continue climbing until $160,000. Then, only a part of the community holding through would benefit from the price rally.
From TechDev’s observation, the anticipated top of the upcoming cycle will happen before the Bitcoin halving event. An event that is expected to occur between April and May 2024. If that becomes the case, it will represent a slight departure from how the price cycle played out over the years. In the past, despite increased volatility ahead of the halving event, the price cycle terminated after the halving proper, not before it.