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 latest prediction from a crypto analyst that puts 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.
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 experience its next parabolic rally.
TradingShot explains that a parabolic rally for the cryptocurrency often begins after a Halving Event. Now a BTC halving event occurs approximately every four years and it is an event where the block rewards for miners are halved, thus reducing the rate at which new coins are put into circulation.
The crypto analyst’s prediction in this case uses the next 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 series of the Bull Cycle. .”
Source: Tradingview.com
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 BBW will bottom in early 2024 sets the stage for Bitcoin’s 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 place the time frame near January 2024. If this analysis is correct, BTC could be just a few months away from reaching a new all-time high.
At the upper band of this parabolic rally, Bitcoin is above $650,000. Considering that BTC is 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