It became known when bitcoin will reach $ 160,000

The expert expects BTC to trade for $ 160,000 after the next halving, TechDev wrote on his Twitter page.

According to the analyst, the new price record of the flagship cryptocurrency will be reached soon enough — in the second quarter of 2024. BTC halving is expected to take place in 2024, 2029, and 2033. As you know, halving reduces the number of tokens that bitcoin miners receive as a reward for their work by half.

On the chart paired with the US dollar (USD), the expert demonstrated a «path to the top accompanied by resistance lines» — Fibonacci retracement levels and the current historical high of 2021.

Currently, the BTC rate has fallen below the support level of $ 27,000, although many traders predicted that the asset would consolidate above this value and continue to move upward. However, this state of affairs did not come as a surprise to experts, as the main cryptocurrency reacted to poor inflation figures in the UK.

As for the cost forecasts, Michael Kramer, founder of Mott Capital Management, and Michael van de Poppe, chairman of Eight, an investment company, would disagree with TechDev’s point of view. Analysts expect bitcoin to fall.

Poppe believes that to confirm the future growth of bitcoin, it needs to gain a foothold above $ 27,000, which will show the mood of bull investors. If BTC fails to conquer and hold this mark, it is likely to roll back to $ 26,000 or $ 26,500.