The argument that the Bitcoin price would rise above $200,000 has been going on for a few years now, with a number of crypto experts sticking to their guns. This hasn’t changed, especially with the most recent prediction from a crypto analyst calling the BTC price above $200,000. But what’s most interesting is the time frame in which this analyst expects the leading crypto to reach this level.
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Halving to unleash parabolic rally
Crypto analyst TradingShot posted another eye-catching prediction on the TradingView website, with the Bitcoin price rising to $200,000. The analysis focuses on the Bitcoin Vortex bullish cross and the Bollinger Bands width (BBW) bottoms to gauge when BTC could be on its next parabolic rally.
TradingShot explains that a parabolic rally for the cryptocurrency often begins after a Halving Event. Now, one BTC halving event takes place approximately every four years and is an event where block rewards for miners are halved, reducing the rate at which new coins are put into circulation.
The crypto analyst’s prediction in this case uses the following Bitcoin halving event which is expected to take place sometime in the second quarter of 2024. As the analyst explains, this is an event that “starts the (final and most aggressive) parabolic rally of the Bull Cycle.”
Another important event that takes place after the halving has taken place is the BBW, which bottoms out once the halving is complete. This often marks the end of a short downtrend, and “can have a (dotted) trendline with lower lows as support,” TradingShot explains.
When Will Bitcoin Cross $200,000?
The expectation that the BBW will bottom out in early 2024 forms the basis for a Bitcoin Parabolic Rally above $200,000. Once it does this, there is only a short time frame that the crypto analyst sees before the asset can reach this level.
A Bullish Cross formation, as has historically been the case, is expected to “cause a prolonged series of straight green candles (Parabolic Rally) straight to the peak of the Bull Cycle.” This marks the beginning of the bull market.
TradingShot explains that if this happens, the Bullish Cross would appear on the 2-month (2M) candle. This will put the time frame close to January 2024. If this analysis is correct, then BTC It could only take a few months for a new all-time high to be reached.
At the upper band of this parabolic rally, Bitcoin is above $650,000. Given that BTC currently trading just above $35,300, this would represent a rally of over 1,700%.
BTC price above $35,300 | Source: BTCUSD on Tradingview.com
Featured image from AMBCrypto, chart from Tradingview.com