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A popular crypto analyst has said that technical indicators indicate that bitcoin (BTC) is in the middle of a rapid climb to the $ 160,000 mark.
The TechDev analyst told his 439,000 followers on the social media platform X that he is watching the Bitcoin Relative Strength Index (RSI) and Fibonacci retracement levels on the monthly timeframe. RSI is a widely used technical indicator that tracks the dynamics of an asset.
According to TechDev, each time the RSI BTC $63,823.31 Bitcoin 0.11% Market capitalization $1.28 trillion VOL. 24 hours $0.83 billion broke above the middle of the descending channel, which is currently at 65, BTC made a jump to the Fibonacci retracement level of 1,618.
As bitcoin is now above the midpoint of the channel, the model shows that the asset will rise to 1,618, at $ 160,000. «There are no guarantees here, but I find it interesting… Every time the monthly RSI broke above the channel median, it rose to the top of the channel, and bitcoin went to 1,618,» TechDev emphasized.
As a reminder, bitcoin is currently showing a significant decline, having dropped by 6.4% per day and 11% per week. At the time of writing, the token is trading at $ 64,079.