Bitcoin surged to $73,600 on Tuesday, climbing above significant resistance.
A crypto analyst described Bitcoin’s recent surge as a preparation for the bull run.
The analyst predicts a $175,000 target for Bitcoin in the current cycle.
Bitcoin rose to $73,600 on Tuesday, breaking above resistance around $70,000. Despite this rally, Caleb Franzen, founder of Cubic Analytics, believes Bitcoin is still preparing for a breakout. Franzen sees the recent BTC price action as encouraging in the short term and a sign of an upcoming bull run.
During the Thinking Crypto podcast, Franzen explained that the lack of a Bitcoin breakout is similar to the stock market’s situation, where the NASDAQ 100 is close to reaching new all-time highs. He predicts a significant follow-through if Bitcoin and the NASDAQ break out as expected.
Franzen maintains that Bitcoin will reach at least $175,000 in the current bull cycle. He is optimistic about both the crypto and stock market, which Bitcoin has outperformed since the beginning of 2024. He pointed out that only a few digital assets, like Solana and Sui, have matched or exceeded Bitcoin’s gains this year.
It is worth noting th…
The post Bitcoin Gearing Up for Breakout, $175K Target This Cycle – Analyst appeared first on Coin Edition.
