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Bitcoin

Technical Analyst Reveals Bitcoin Price Target – “BTC is Currently Like a Coiled Spring”

By admin
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Technical Analyst Reveals Bitcoin Price Target – “BTC is Currently Like a Coiled Spring”

Rich Ross, head of technical analysis at Evercore ISI, said in his assessment on the Making Money program broadcast on the FOX Business channel that Bitcoin is preparing for a big leap.

Ross stated that the cryptocurrency markets are going through a strong consolidation process and argued that according to technical indicators, Bitcoin could rise to $170,000.

“Bitcoin is currently a compressed spring. If the recent resistance level at $110,000 is broken, a rally to $140,000 and then $170,000 is expected,” Ross said.

Drawing a very positive picture for the semiconductor sector, Ross claimed that this sector is attractive in terms of both growth and value investment.

Finally, Ross refocused on more volatile assets like Bitcoin, saying that Bitcoin lags behind similar assets like Coinbase and Robinhood and has the potential to close this gap.

*This is not investment advice.

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