Kyle du Plessis, a renowned cryptocurrency analyst, stated that Bitcoin is entering a significant phase of a parabolic move. In a recently uploaded video, Plessis identified the surging nature of BTC as a development that could trigger the next phase of the bull market across several cryptocurrencies.
BTC surged past $70,000 after recovering from a dip to the $59,000 region. According to Plessis, the recovery is significant for the flagship crypto and has introduced the fourth phase of its parabolic move. He claimed that there would be “mega short-squeezes” from this level, and the Bitcoin price would rally aggressively.
Meanwhile, Plessis noted that many altcoins are picking up momentum following Bitcoin’s upward movement. He thinks the upward movement would escalate even more, considering signals from technical indicators like MACD and RSI. According to him, those indicators have signaled a move that could see Bitcoin rally to $170,000.
In his analysis, Plessis explained that certain crucial events that could cause more rallies in the crypto market have not yet happened. He highlighted the upcoming Bitcoin halving and Ethereum’s Dencun upgrade as two critical events in the crypto industry. According to the analyst, ETH beta coins have been underperforming, leaving room for potential rallies after the Dencun upgrade, which will happen in a few days.
For a short-term target, Plessis projected the possibility of Bitcoin reaching the $85,000 mark in the next few days. He noted that a section of the crypto community expects a reversal that could see Bitcoin drop to $50,000. However, he thinks the pioneer crypto is better prepared to continue upwards.
Bitcoin traded for $71,317 at the time of writing, having reached an all-time high (ATH) of $71,694 earlier today, according to data from TradingView.
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