An analyst predicts Bitcoin could surge to $75,000 in the short term if Microstrategy's stock (MSTR) appreciates.

The observed correlation between MSTR's stock and Bitcoin's price is linked to Microstrategy's substantial Bitcoin investments.

Microstrategy's Bitcoin holdings have soared in market value, crossing the $13 billion mark.

Bitcoin recently achieved a record high over $70,000 on March 8, but faced a profit-booking setback.

Analyst Timothy Peterson suggests Bitcoin could potentially reach $100,000 by October 2024, amidst current trends.

A technical bullish signal is identified with the 20 EMA crossing over the 50 EMA, hinting at a possible major price rise.

Bitcoin's support level is currently strong at $61,505, suggesting a stable breakout and room for further price increases.