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Bitcoin, according to an analyst, is entering a significant phase of its parabolic movement. After retreating to the $59,000 level, Bitcoin surpassed the $72,000 mark. Technical indicators such as MACD and RSI suggest that BTC could rise to as much as $170,000 in the coming weeks. Of course, this is according to analyst Kyle du Plessis.
Bitcoin Could Hit $170,000
According to Kyle du Plessis, Bitcoin has entered an important phase of a parabolic movement. In a recent video analysis, Plessis commented on BTC‘s rise, stating that this surge could trigger the next bull market phase.
BTC, after falling to the $59,000 level, has crossed the $72,000 mark. According to Plessis, this recovery is a significant process for Bitcoin and has initiated the fourth phase of its parabolic movement. Plessis expects “mega short squeezes” from this level and predicts an aggressive price increase for Bitcoin.
Plessis also noted that many altcoins gained momentum after Bitcoin’s upward movement. Looking at signals from technical indicators like MACD and RSI, he believes the upward trend will strengthen further. According to him, these indicators suggest that Bitcoin could rise to $170,000.
Real Triggers of the Rally Yet to Emerge
According to Plessis’s analysis, some significant events that could cause more rallies in the crypto market have not yet occurred. These include Bitcoin’s upcoming halving and Ethereum‘s Dencun upgrade. Plessis believes there is time to prepare for potential rallies after the underperformance of coins in the ETH network and the Dencun upgrade.
In terms of short-term targets, Plessis predicts that Bitcoin, the flagship cryptocurrency, could reach the $85,000 level in the next few days. However, he notes that some members of the crypto community believe Bitcoin could pull back to the $50,000 level. Nonetheless, he emphasizes that the leading cryptocurrency is better prepared to maintain its upward momentum.
The cryptocurrency Bitcoin rose to $71,694 in the early hours today, reaching an all-time high (ATH). The price continued to rise afterward, setting another all-time record at $72,380. At the time of writing, BTC is at the $72,141 level.
