A popular crypto analyst believes Bitcoin (BTC) will hit the $170,000 mark sooner than most expect.
Pseudonymous analyst TechDev tells his 532,100 followers on the social media platform X that after a correction into the $90,000 range, Bitcoin may soon increase more than 60% from its current value.
“$95,000 would make sense structurally. Then $170,000 is closer than you think.”
TechDev’s bullish case is based on several indicators.
He believes Bitcoin’s cycles have been correlated to the performance of the overall macroeconomy. Based on his chart and historical patterns, the analyst suggests the business cycle is bottoming and may start to increase, which has coincided with massive Bitcoin rallies in 2013, 2017 and 2021, when the flagship crypto asset hit the cycle peaks.
“Re-evaluate your top calls.”
TechDev also uses the copper-to-gold ratio as a reliable signal pointing to a likely massive Bitcoin surge.
The copper/gold ratio, often viewed as a proxy for economic risk appetite, has formed a bottom similar to 2020 and 2016, which preceded BTC bull runs, the analyst says.
“The steep part lies ahead.”
The analyst previously said the M2 money supply’s year-over-year change is pointing to a brewing Bitcoin surge. The global M2 money supply – a key indicator of liquidity in the world’s financial system – has shifted from negative to positive annual growth.
According to the analyst, this shift has historically preceded each of Bitcoin’s parabolic rallies by six to ten months, indicating a strong likelihood that a new upward cycle is approaching.
Bitcoin is trading for $106,093 at time of writing, up 2.2% in the last 24 hours.
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The post Analyst Says $170,000 Bitcoin Is Closer Than You Think, BTC Approaching ‘Steep Part’ of Cycle appeared first on The Daily Hodl.
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