In a recent X post, renowned analyst Egrag Crypto revealed a $173,000 price prediction for Bitcoin in the near future. To compare Bitcoin’s current bull cycle to the previous one, Egrag Crypto notes that the asset has followed a trajectory typical for the 2017 market.
In the opinion of the expert, Bitcoin is now in the framework of the fall, it is in the area near the Fibonacci 1.0 level is a crucial level; that marks the behavioral pattern of the 2017 phase known as Cycle B where he said that four months of sideways movement is normally followed by intense rush in the fifth month for Bitcoin. Currently, it is similarly formed, four months of trading at levels close to the previous all-time high.
Egrag Crypto believes that BTC will maintain the process of fluctuating around the Fibonacci 1.0 level, practically halved attaining the level in June on a basis that suggests that the situation could explode over July. These conclusion phases are vital to him as a signal that a major break upward awaits the index.
Bitcoin’s Bullish Breakout On The Horizon
Moving forward, Egrag Crypto expects Bitcoin to get to about $173,000 by the end of this cycle in line with Fibonacci 1.618 level. Such a target illustrates that very large increases can be achieved in the near future, if only BTC adheres to trends similar to what was observed previously in other market cycles.
This forecast contributes to the increasing enthusiasm among various users of cryptocurrencies because everyone is looking forward to the next step in the Bitcoin price action. With regard to its dynamics, the information provided by Egrag Crypto gives a rather interesting view of the future trend of Bitcoin in the following months.
The cryptocurrency market characterized by high fluctuation and shifts provides such predictions as hope and a challenge for the market. These analysts range from self-made to those who have obtained formal education in this field with the help of which they form investor expectations as well as strategies better to be used in the market by referencing historical data and current trends such as Egrag Crypto.
Since Bitcoin is still in the range of its consolidation, the focus will be made on its activity in the future months. Expectations of a breakout in July may attract more attention and investment into the digital currency pushing it towards the projected $173,000.
Thus, relying on past trends and the evaluation of the market situation, Egrag Crypto in its recent forecast claimed that Bitcoin may reach new extraordinary values. However, the coming months are crucial to Bitcoin and the crypto-sphere, to see if BTC can achieve such a goal independently and maintain a bullish trend.