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Bitcoin (BTC) price action may lack momentum this month, but one popular analyst is still eyeing new all-time highs.

In his latest analysis, TechDev confirmed that he believes BTC/USD will see a “parabolic top” around the 2024 block subsidy halving.

Can Bitcoin gain 500% in a year?

Less than 12 months away, Bitcoin’s next halving is already the topic of debate among market participants.

Some argue that the event will lay the foundations for the next all-time high, in line with previous halving cycles.

For TechDev, however, the new BTC price record should come sooner than later, in Q2 of 2024.

Ether’s price has been stuck below $1,920 for the past 16 days, which is especially concerning since the latest breakout attempt on May 6 lasted less than 24 hours. Excluding this brief price pump, Ether’s (ETH) journey below $1,920 was initiated on April 21, over 30 days ago.

One can likely blame the Ethereum network’s $8.80 average transaction fee for investors’ diminished appetite, but the macroeconomic environment has also played an important role. On May 22, JPMorgan Chase CEO Jamie Dimon said it is impossible to predict the outcome of the Federal Reserve’s monetary policy, designed to curb inflation.

As CNN reported, Dimon added:

“You’re already seeing credit tighten up because the easiest way for a bank to retain capital is not to make the next loan."

The uncertainty surrounding the United States debt ceiling standoff between Joe Biden’s administration and the U.S. Congress is the probable cause for the worsening sentiment among institutional investors toward cryptocurrencies. According to CoinShares’ latest “Digital Asset Fund Flows Report," outflows across digital asset investment products hit $232 million over the past five weeks.

Bitcoin (BTC) starts a new week in a price range that frustrates traders and leaves little to the imagination — what next?

After precious little activity over the weekend, the largest cryptocurrency lacks direction, and even macroeconomic triggers have failed to shift the status quo.

At around 10% below the $30,000 mark, BTC/USD is treading water, and despite calls for a further correction, market participants are dealing with a tiny active trading range.

Liquidity is there to be taken above and below, but so far, only a tease of a liquidity sweep has materialized.

The coming days have some potential macro surprises in store, but analysts agree it will take a significant shift in the data to crack a stubborn Bitcoin.

A bearish market structure has been pressuring cryptocurrencies’ prices for the past six weeks, driving the total market capitalization to its lowest level in two months at $1.13 trillion. According to two derivative metrics, crypto bulls will have a hard time to break the downtrend, even though analyzing a shorter timeframe provides a neutral view with Bitcoin (BTC), Ether (ETH) and BNB, on average, gaining 0.3% between May 12 and May 19.

Notice that the descending wedge formation initiated in mid-April could last until July, indicating that an eventual break to the upside would require an extra effort from the bulls.

Furthermore, there’s the impending U.S. debt ceiling standoff, as the U.S. Treasury is quickly running out of cash.

Even if the majority of investors believe that the Biden administration will be able to strike a deal before the effective default of its debt, no one can exclude the possibility of a government shutdown and subsequent default.

Gold or stablecoins as a safe haven?

Not even gold, which used to be considered the world’s safest asset class, has been immune to the recent correction, as the precious metal traded down from $2,050 on May 4 to the present $1,980 level.

Bitcoin (BTC) remained stuck inside a narrow range into May 20 as cryptocurrency markets shook off United States macro triggers.

Powell leaves market with "tons of uncertainty"

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading just below $27,000.

The pair had seen brief volatility after Jerome Powell, Chair of the Federal Reserve, gave new commentary on policy and the outlook for inflation.

While leaving the door open for change should it be required, Powell’s language did not offer risk assets clear signals. Responding, financial commentary resource, The Kobeissi Letter, warned that “tons of uncertainty” lay ahead.

Bitcoin nonetheless soon forgot the event, returning to a range already familiar from the weekend prior.

Bitcoin (BTC) nudged $27,000 after the May 19 Wall Street open as the Chair of the United States Federal Reserve delivered comments on policy.

BTC price volatility returns as Powell speaks

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it attempted to reclaim the focal level in its short-term trading range.

All eyes were on Fed Chair Jerome Powell on the day, who was speaking at the Thomas Laubach Research Conference in Washington, D.C.

Market nerves had returned the day prior as other Fed officials, along with jobless data, had heightened expectations of interest rate hikes continuing.

“While the financial stability tools helped to calm conditions in the banking sector, developments there, on the other hand, are contributing to tighter credit conditions and are likely to weigh on economic growth, hiring and inflation,” he said.