With Bitcoin's price surpassing $100,000, discussions emerge about its potential cycle top. Crypto analyst Tony Severino suggests a cycle top around $170,000, anticipating a 90% surge. He notes that Bitcoin exceeding $105,000 could trigger a parabolic rally to a new all-time high.
Severino mentions a previous pattern where Bitcoin moved from a lower to an upper band, resulting in a 90% increase. He believes this pattern could repeat, reaching $170,000 before a cycle top. He notes that the monthly stochastic oscillator's momentum suggests a continued rally.
Another analyst, Jelle, emphasizes the importance of Bitcoin holding $100,000 as support for upward trend continuation. He predicts a breakout leading to significantly higher prices. At the moment, Bitcoin trades at around $99,700, rising over 2% in 24 hours.
Source: www.newsbtc.com ↗