A popular cryptocurrency analyst said that technical indicators suggest that Bitcoin (BTC) is in the midst of a rapid rise towards the $160,000 level.
Anonymous analyst TechDev told his 439,000 followers on social media platform X that he monitors Bitcoin's Relative Strength Index (RSI) and its Fibonacci extension levels on a monthly basis.
RSI is a widely used technical indicator to track the momentum of an asset.
According to TechDev, BTC rose to the 1.618 Fibonacci extension level every time Bitcoin's RSI rose above the midpoint of the descending channel (currently near the 65 level).
Bitcoin is currently above the median TechDev channel, and the pattern suggests that BTC will rise towards the 1.618 level, which is currently at $160,000.
“No guarantees, but I think it's interesting…
Each time the monthly RSI rose above the channel median, it reached a channel high and Bitcoin rose to 1.618. ”
While there has been speculation about whether Bitcoin is ahead or behind the traditional four-year cycle based on halvings, TechDev believes that given the global liquidity, i.e. the amount of dollars moving around within the financial system, , says this cycle is just in time.
The analyst uses global liquidity signals and the stochastic RSI to suggest that BTC is nearing the point of entering a historic parabolic move to the upside.
“For me, Bitcoin is neither ahead of schedule nor behind schedule.
This cycle is a cycle of liquidity.
Peak to peak is 3.5 years.
The inflection points of each cycle then determined the timing of Bitcoin's price acceleration and peak. ”
As of this writing, Bitcoin is worth $68,488.
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