Crypto analyst EGRAG CRYPTO has published an analysis outlining an evident pattern in Bitcoin's market cycle, predicting a potential price target of $175,000.
Overview of Bitcoin's Current Cycle
EGRAG CRYPTO suggests that there is a predictable sequence of Bitcoin's price movements leading to a projected cycle top of $175,000, emphasizing the importance of the 'BULL MARKET SUPPORT BAND (BMSB)' as a key technical level determining the phases of the cycle.
Breakdown of Price Movement Patterns
The pattern outlined by EGRAG CRYPTO consists of several key stages:
1. Close below the BMSB: This signals the beginning of a corrective phase. 2. Rapid pump above the BMSB: A sharp recovery pushes Bitcoin above the support band. 3. Retest 1, followed by a big bounce 1: The price retests the BMSB, resulting in significant upward movement. 4. Retest 2, with minor bounce 2: A second retest occurs, followed by a smaller bounce. 5. Then, enter corrective mode: The cycle shifts back to a corrective phase.
The sequence is described as: Corrective → Bounce 1 → Bounce 2 → Corrective.
Future Prospects for Bitcoin
According to the analysis, Bitcoin is expected to first fill the CME gap around $91,950. After that, a 'massive rally' is anticipated, propelling Bitcoin's price toward the $140,000-$160,000 range. Once this level is reached, a final retest and a 'minor bounce' is expected to ultimately lead Bitcoin to the projected cycle top of $175,000.
The analysis from EGRAG CRYPTO provides insight into the potential price movements of Bitcoin in the near future, emphasizing targets for market observers. It is important to remember that market movements are complex and subject to various factors, and such analyses may serve as speculative outlooks based on identified patterns.
