Crypto analyst TechDev is predicting a rapid rise in Bitcoin’s value, potentially reaching $160,000.
Technical Indicators Point to Bullish Trend
TechDev analyzed Bitcoin’s relative strength index (RSI) and Fibonacci extension levels on the monthly timeframe. According to his observations, every time Bitcoin’s RSI crossed above the 65 level, the price surged to the 1.618 Fibonacci extension level.
With Bitcoin currently above the 65 level, the analyst believes it will rally towards the 1.618 level, which currently stands at $160,000.
Liquidity and Cycle Timing
TechDev also analyzed global liquidity and a stochastic RSI to determine Bitcoin’s position in its four-year cycle. He believes the cycle is on track, as Bitcoin’s price acceleration and peak timing are determined by the inflection point of the liquidity cycle.
Current Market Value
At the time of writing, Bitcoin is trading at $68,488.
