Is Bitcoin going to reach $170,000? Analysts say its price is increasing very quickly.

Bitcoin has surged past the $70,000 mark, reaching an all-time high (ATH) of $71,694, according to data from TradingView. This milestone comes after the cryptocurrency rebounded from a dip to the $59,000 region, signaling a significant recovery in its price trajectory.

Analyst Kyle du Plessis suggests that Bitcoin is poised for further gains, potentially rallying to an impressive $170,000 shortly.

The parabolic move signals the potential for a Bitcoin surge

Renowned cryptocurrency analyst Kyle du Plessis has identified Bitcoin’s current movement as indicative of a significant phase of a parabolic move. In a recent video, Plessis highlighted the surging nature of BTC, suggesting that it could trigger the next phase of the bull market across various cryptocurrencies.

He emphasized the importance of Bitcoin’s recovery from the recent dip, marking the beginning of what he terms the fourth phase of its parabolic move. Plessis predicts potential “mega short-squeezes” from this level, fueling an aggressive rally in the price of Bitcoin.

Plessis points to technical indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) to support his bullish outlook on Bitcoin. According to his analysis, these indicators signal a potential rally that could see Bitcoin surge to $170,000 in the coming weeks.

Additionally, Plessis notes that many altcoins are gaining momentum in tandem with Bitcoin’s upward movement, further bolstering the overall bullish sentiment in the cryptocurrency market.

Upcoming events and short-term targets

While discussing potential catalysts for further rallies in the crypto market, Plessis highlights two critical events: the Bitcoin halving and Ethereum‘s upcoming Denison upgrade. He suggests that these events have yet to fully materialize and could serve as catalysts for additional upward momentum.

Plessis specifically mentions Ethereum’s beta coins underperforming, leaving room for potential rallies following the Denison upgrade, scheduled to occur soon.

In terms of short-term targets, Plessis projects the possibility of Bitcoin reaching $85,000 in the next few days. Despite some expectations within the crypto community of a reversal that could see Bitcoin drop to $50,000, Plessis remains optimistic about Bitcoin’s upward trajectory. He believes that the cryptocurrency is well-positioned to sustain its momentum and continue its ascent in the market.

Bitcoin’s skyward trajectory

Bitcoin’s recent surge past $70,000 signifies a significant milestone for the cryptocurrency, with analyst Kyle du Plessis predicting further upside potential. Plessis identifies Bitcoin‘s current movement as indicative of a parabolic phase, supported by technical indicators and upcoming events in the crypto industry.

With a short-term target of $85,000 and a long-term projection of $170,000, Bitcoin continues to garner attention from investors and enthusiasts alike as it embarks on its upward trajectory.