Crypto Analyst Predicts Bitcoin Could Surge to $160,000 Based on Technical Indicators
A popular crypto analyst believes that Bitcoin (BTC) is on track to reach $160,000, according to certain technical indicators. The analyst, known as TechDev, is closely monitoring Bitcoinโs relative strength index (RSI) and Fibonacci extension levels on the monthly timeframe. He points out that every time Bitcoinโs RSI broke above the mid-point of a descending channel (around the 65 level), BTC experienced a surge towards the 1.618 Fibonacci extension level. As Bitcoin is currently above TechDevโs channel median point, it suggests that BTC will rally towards its 1.618 level, which is currently at $160,000.
Timing of Bitcoinโs Cycle and Liquidity Signal
While there has been speculation about whether Bitcoin is following its traditional four-year cycle based on halvings, TechDev argues that the cycle is right on time when considering global liquidity. Global liquidity refers to the amount of dollars circulating in the financial system. By using his global liquidity signal and a stochastic RSI, TechDev suggests that Bitcoin is approaching the stage where it historically enters a parabolic move upwards.
Current Price of Bitcoin
As of now, Bitcoin is valued at $68,488.
Hot Take: Analyst Sees Strong Potential for Bitcoin Surge
The technical indicators analyzed by crypto analyst TechDev suggest that Bitcoin could experience a significant surge in value. Here are the key takeaways:
- TechDev believes that Bitcoinโs RSI and Fibonacci extension levels indicate a potential rally towards $160,000.
- Based on historical patterns, whenever Bitcoinโs RSI broke above the mid-point of a descending channel, it surged towards the 1.618 Fibonacci extension level.
- The analyst argues that Bitcoinโs cycle is right on time when considering global liquidity, and a parabolic move to the upside may be imminent.
- Bitcoinโs current price is $68,488.
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