Bitcoin continues to capture the attention of both investors and analysts. Leading analyst EGRAG Crypto believes that Bitcoin could reach $175,000 this cycle, despite temporary corrections.
The Current Bitcoin Market Cycle
EGRAG Crypto previously noted in February that Bitcoin was undergoing a corrective phase, rather than rebounding from the Bull Market Support Band. This correction was a natural consolidation period before further gains. Many analysts misinterpreted this phase as indicating a steep drop; however, EGRAG maintained that BTC’s trajectory remains bullish. Historically, Bitcoin’s price structure has followed predictable market cycles characterized by parabolic uptrends, temporary corrections, and consolidation phases before the next breakout.
Technical Analysis: Bitcoin’s Road to $175K
EGRAG argues that many Bitcoin analysts tend to overcomplicate technical analysis by incorporating unnecessary indicators or conflicting theories. Instead, a simplified approach focusing on key trend lines, historical retracements, and psychological price levels suggests that Bitcoin is following a predictable pattern toward $175K. Key factors supporting this outlook include bull market structure, the impact of halving, institutional inflows, and market sentiment.
Breaking Past Resistance Levels
For Bitcoin to achieve $175K, it will need to break through critical resistance zones. Based on historical data and Fibonacci extensions, key levels to watch include $100K, which may trigger short-term profit-taking, and $125K-$135K, as potential mid-cycle consolidation before the final leg higher.
EGRAG Crypto’s analysis highlights that Bitcoin’s price action remains structured and bullish, despite periodic corrections. His $175K target aligns with historical cycles, post-halving trends, and growing institutional adoption. While volatility is expected, the overall macro trend remains bullish.
