Bitcoin Could Surge 60% From Current Value, Analyst Predicts

A prominent crypto analyst has expressed optimism about Bitcoin's (BTC) potential to reach $170,000 sooner than many anticipate. The pseudonymous analyst, TechDev, shared his insights with his 532,100 followers on the social media platform X, suggesting that after a correction into the $90,000 range, Bitcoin could surge by more than 60% from its current value.

TechDev's bullish outlook is grounded in several key indicators. He posits that Bitcoin's cycles are closely tied to the overall macroeconomic performance. According to his analysis and historical patterns, the business cycle is nearing its bottom and may soon start to rise, which has historically coincided with significant Bitcoin rallies in 2013, 2017, and 2021.

TechDev also highlights the copper-to-gold ratio as a reliable signal for an impending Bitcoin surge. This ratio, often used as a proxy for economic risk appetite, has formed a bottom similar to those seen in 2020 and 2016, which preceded major BTC bull runs. The analyst's chart suggests that the steepest part of the cycle lies ahead, indicating a potential for substantial gains.

Additionally, TechDev points to the M2 money supply’s year-over-year change as another indicator of a brewing Bitcoin surge. The global M2 money supply, a crucial measure of liquidity in the world’s financial system, has shifted from negative to positive annual growth. According to the analyst, this shift has historically preceded each of Bitcoin’s parabolic rallies by six to ten months, suggesting that a new upward cycle is on the horizon.

At the time of writing, Bitcoin is trading at $106,093, reflecting a 2.2% increase in the last 24 hours. TechDev's analysis underscores the potential for significant gains in the near future, urging investors to re-evaluate their top calls and prepare for the steep part of the cycle.