In the midst of the current Bitcoin correction, analyst EGRAG has identified $173,000 as the next target, based on historical trends suggesting a potentially bullish July ahead.
Although Bitcoin was trading above $70,000 in the past 24 hours, the primary cryptocurrency has now experienced a significant drop, reaching a new daily low of $66,741. This downward movement has also affected the broader altcoin market, particularly impacting meme coins.
Despite these fluctuations, key figures in the industry continue to highlight the ongoing bullish trend, viewing the dips as opportunities to buy. This positive outlook is fueled by various factors, including historical data that indicates Bitcoin’s cycle movements often mirror past patterns.
Reflecting the 2017 Bull Trend
In his most recent analysis of Bitcoin, EGRAG has reaffirmed his belief that the current trend of BTC resembles the pattern seen in 2017, especially during a critical consolidation phase. He noted that in 2017, Bitcoin went through a four-month consolidation period around the Fibonacci 1.0 level, followed by a significant surge in the fifth month.
EGRAG pointed out that Bitcoin is currently displaying a similar pattern, with four monthly candles consolidating around its previous all-time high. Despite reaching a new all-time high of $73,650 in March, Bitcoin has been struggling to maintain the $70,000 level.
$173,000 Identified as BTC’s Next Target
Looking ahead, EGRAG predicts that Bitcoin may not see a breakthrough this month. He anticipates that the consolidation phase will continue into June, setting the stage for a potentially explosive July. EGRAG forecasts that this rally could push Bitcoin to reach around $173,000, marking the next significant milestone for the asset. As of now, Bitcoin is trading at $66,923, indicating a 158% price increase is needed to reach $173,000.
Analyst Rekt Capital has echoed EGRAG’s sentiments, projecting September as the ideal timeframe for a breakout based on historical data trends.
Despite the optimistic outlook, on-chain analyst Ali Martinez has urged caution, citing historical data that suggests Bitcoin often experiences bearish performances in the third quarter of the year. Despite this, Martinez remains optimistic about Bitcoin’s near-term potential, with a prediction that the next local top for BTC could be around $89,200.
In a recent update, Martinez highlighted a potential relief rally following the ongoing dip, pointing to the TD Sequential technical indicator’s buy signal on Bitcoin as a sign of a potential rebound in the near future.
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