Following a rebound from $59,000, Bitcoin has surged past the $72,000 threshold, signaling a major phase in its parabolic trajectory, as per analyst Kyle du Plessis. With certain technical indicators pointing toward a significant climb, Plessis anticipates Bitcoin hitting as high as $170,000 in the forthcoming period.
Analyzing Bitcoin’s Bullish Patterns
Kyle du Plessis has identified a pivotal moment in Bitcoin’s market pattern, indicating readiness for a substantial bull market. As Bitcoin recovers and initiates the fourth stage of its parabolic trend, the analyst expects substantial short squeezes that could push the cryptocurrency‘s value up drastically. Plessis also observes that the positive price action in Bitcoin has spilled over to various altcoins, which have started to gain momentum.
Taking cues from the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), Plessis reinforces his bullish outlook. These indicators are currently aligned in a way that supports his projection for Bitcoin’s potential rise to the $170,000 mark.
Potential Catalysts for Crypto Market Growth
In Plessis’s view, there are key upcoming events that could act as catalysts for further market rallies. Among these is Bitcoin’s halving and Ethereum‘s anticipated upgrade, both of which have not yet transpired. He advises the crypto community to prepare for these events that could spur significant price movements.
In the short run, Plessis sets a target for Bitcoin to reach the $85,000 level soon, despite some predictions of a retreat to the $50,000 region. He underscores the preparedness of the leading cryptocurrency to sustain its gains. At present, Bitcoin has hit a new all-time high of $71,694 and climbed further, setting another record at $72,380, with the price hovering around $72,141.