Bitcoin has reclaimed the $100k for the fifth time marking debates on the apogee of the ongoing bull run. Bitcoin now Bitcoin is in its fourth phase of the bull market cycle, according to Crypto analyst Tony Severino, the asset may hit around $170,000.
Severino recently mentioned in social media platform X that if it is to increase by 90% from current actual levels, this will take Bitcoin to this figure. He said that such a rise is consistent with previous market cycles and, therefore, supported the confidence in the projection.
Bitcoin Price Action Analyzed
Severino also looked at Bitcoin’s price action in the present drawing a medium-term re-squeeze which he deemed consistent with the trend. Bitcoin has reached the level of around $105,000, up from about $10,000 at the start of 2021; He promised that BTC rise beyond $105,000 could push the cryptocurrency to a new record.
Using previous trends in the market, Severino considered an example when BTC has fallen to the lower range and then spiked back up to the higher range to gain 90%. After outlining this historical structure, he continues to believe BTC most still get to $170 000 before its ultimate top.
The analyst also highlighted the BTC monthly stochastic oscillator, which is above 80, a mark a sign of strong bullish pressure. This index that is popular of measuring the market trends indicates that the uptrend for BTC continues to be in place.
However, this is not a surprise and another crypto analyst Jelle highlighted that BTC must maintain trade above $100,000 to remain as support. He pointed to the fact that the first digital currency is currently probing resistance here, that has coincided with a local downtrend line. Jelle described a breakout shortly and believes that BTC will go much higher in value once such an occasion happens.
Further, Jelle mentioned funding rate for which Bitcoin was proudly positive as of this year. To him, this means that BTC could remain more productive for weekly gains as other bull cycles until the current cycle is complete.
According to the data of last known variables as of CoinMarketCap, Bitcoin is at the price level of $99,700, up 2% from the previous day.
