The argument for the Bitcoin price to reach above $200,000 has been going on for a few years now with a number of crypto pundits maintaining their stance. This has not changed, especially with the most recent prediction from one crypto analyst who puts the BTC price above $200,000. But what’s most interesting is the timeframe in which this analyst expects the leading crypto to reach this level.
Halving To Trigger Parabolic Rally
Crypto analyst TradingShot posted another eye-catching prediction on the TradingView website, putting the Bitcoin price as high as $200,000. The analysis focuses on the Bitcoin Vortex bullish cross as well as the Bollinger Bands Width (BBW) bottoms to gauge when BTC might go on its next parabolic rally.
TradingShot explains that a parabolic rally for the cryptocurrency often starts after a Halving Event. Now, a BTC halving event takes place roughly every four years and it’s an event in which the block rewards for miners are cut down in half, thereby reducing the rate at which new coins are being brought into circulation.
The crypto analyst’s prediction in this instance uses the next Bitcoin halving event which is expected to take place sometime in Q2 2024. As the analyst explains, this is an event that “starts the (final and most aggressive) Parabolic Rally sequence of the Bull Cycle.”
One other important event that happens after the halving takes place is the BBW which bottoms once the halving is completed. This often marks the end of a short downtrend, and “may have as a Support a (dotted) Lower Lows trend-line,” as TradingShot explains.
When Will Bitcoin Cross $200,000
The expectation for the BBW to bottom out in early 2024 carries the basis for a Bitcoin parabolic rally above $200,000. Once it does this, there is only a short timeframe that the crypto analyst sees before the asset is able to reach this level.
A Bullish Cross formation as has been the case historically, is expected to trigger “a long-term sequence of straight green candles (Parabolic Rally) straight to the Bull Cycle’s peak.” This marks the beginning of the bull market.
TradingShot explains that if this happens, then the Bullish Cross would appear on the 2-Month (2M) candle. This will put the timeframe in the vicinity of January 2024. If this analysis is correct, then BTC could be only a few months away from making a new all-time high.
At the upper band of this parabolic rally, Bitcoin sits above $650,000. Given that BTC is currently trading just above $35,300, it would mean an over 1,700% rally.
BTC price above $35,300 | Source: BTCUSD on Tradingview.com
Featured image from AMBCrypto, chart from Tradingview.com