As Bitcoin continues to fluctuate, analyst Egrag Crypto identifies $173,000 as the next target for Bitcoin, supported by historical data indicating a bullish July.
The recent correction in the Bitcoin market has led to intense discussions among analysts. Egrag Crypto, a renowned market observer, has identified the price target of $173,000 as the next major milestone for Bitcoin. This prediction is based on historical observations suggesting a potentially strong July.
Bitcoin was recently traded above the $70,000 mark but has since fallen significantly. This decline has also impacted the broader altcoin market, particularly meme-coins. Despite the current price drops, prominent voices emphasize that the long-term upward trend remains intact and view this as a buying opportunity.
#BTC Next Target - $173K:
— EGRAG CRYPTO (@egragcrypto) June 11, 2024
I've mentioned many times before that this cycle pattern is mirroring the 2017 Cycle (Cycle B) 📈. Right now, #BTC is just consolidating around Fib 1.0, just like it did in Cycle B.
In Cycle B, we had 4 monthly candles followed by an explosive fifth… pic.twitter.com/FQ54P1B5RJ
Historical Patterns and Predictions
Egrag Crypto points to the year 2017 when Bitcoin experienced a four-month consolidation around the Fibonacci level 1.0, followed by a dramatic increase in the fifth month. The analyst highlights that Bitcoin currently shows a similar pattern, with four monthly candles consolidating around its previous all-time high. In March, Bitcoin reached a new all-time high of $73,650 but has since been in a downtrend and struggled to regain the $70,000 mark.
Egrag Crypto predicts that the consolidation will continue through June, while July could usher in an explosive phase for Bitcoin. The expert expects that Bitcoin could rise to around $173,000, representing a growth of approximately 158%.
