TechDev: BTC to rise to $ 170,000

An analyst known as TechDev believes that the price of bitcoin BTC $107,259.31 Bitcoin -0.55% Market capitalization $2.13 trillion VOL. 24 hours $1.12 billion can reach $ 170 thousand much faster than most market participants predict. In his opinion, BTC is approaching the most rapid stage of the current growth cycle, and before that, a short-term correction to the level of about $ 95 thousand is possible.

TechDev emphasizes that the basis for the optimistic forecast is macroeconomic indicators, in particular the ratio of copper and gold prices. According to the analyst, this proportion has already reached the bottom, which in previous years preceded significant growth in the bitcoin market. He notes that a similar situation was observed in 2016 and 2020, when the market also showed significant growth.

Another factor is the growth of the global money supply M2, which usually signals the approach of powerful rallies in the cryptocurrency market. TechDev points out that in previous cycles, the positive dynamics of M2 was six to ten months ahead of the rapid rise of bitcoin.

At the time of the analysis, the value of bitcoin was over $ 106 thousand, and the market dynamics indicated readiness for further growth. The analyst advises not to rush into profit-taking and to reconsider your expectations for the peak values of the exchange rate.