“Coiled Like a Spring”: Why Analysts See Bitcoin Heading to $170,000 Next

• Bitcoin has surged to a new all-time high of $118,404, leading a powerful, market-wide rally
• The rally is fueled by a massive supply squeeze, with institutions buying 6x more BTC than miners produced in Q2
• Analysts are now eyeing higher targets, with some suggesting a potential move toward $170,000

The cryptocurrency market resumed its rally this week as nearly all the top assets broke out of bearish pressure to deliver significant gains. Bitcoin, the largest cryptocurrency by market cap, led the move by setting a record. Ethereum and the other top altcoins returned notable profits in an upsurge that resembles the beginning of another bull run.

According to data from TradingView, Bitcoin climbed above the previous all-time high at $112,000 and reached a record price of $118,404 on Friday morning. 

A crypto analyst made note of this in his podcast that most top cryptos followed Bitcoin’s trajectory by surging significantly, but none of them achieved their own ATHs yet as of the time of the presentation.

Analysts Eye $170K BTC Target Next

In the meantime, the crypto analyst noted that he expects Bitcoin’s price to rise significantly higher. He desc…

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