Egrag Crypto, a well-known figure in the crypto analysis world, has recently forecasted that even a minor fluctuation could propel Bitcoin upward based on its past trends.
Bitcoin is currently hovering just above $121,000 after slipping from its recent peak over $126,000. This week has seen Bitcoin’s value oscillate between $115,000 and $125,000. Despite this volatility and with the current price at $121,929 coupled with optimistic forecasts still in play, Bitcoin’s prospects appear promising.
One such optimistic forecast surfaced today on X as analyst Egrag Crypto evaluated Bitcoin’s historical patterns over a three-month period. His study indicates that Bitcoin has consistently formed distinct channels during the last three cycles.
A significant breakout occurred around January 2013 when Bitcoin surged from lower channel support to reach approximately $1,163 by November 2013 before facing rejection—a dramatic rise from its July 2011 price of about $11.
Another pivotal breakout happened in 2017. After trading within a channel between 2015 and early 2017, Bitcoin broke through resistance lines leading to an exponential increase—from roughly $1,500 at breakout to surpassing $19,000 by October of that year.
The third notable breakout took place following a decline from October 2017 levels down to just above $3K by early 2019. Subsequently trading within another channel ranging between approximately $3K-$14K until breaking out again in October of 2020—by November next year reaching beyond an impressive mark of nearly seventy thousand dollars ($69k).
Bitcoin Heading Towards New Heights?
The latest formation began shaping up back in April last year right after dropping off post-October highs (2021). This ongoing pattern continues constraining both support & resistance levels prompting analysts like Egrag Crypto suggesting imminent movement towards upper trendlines soon enough!
The diminishing returns are evident but according to him necessary steps ensuring sustainable growth long-term; he speculates even slight movements (“blips”) might push prices potentially reaching upwards around one hundred seventy-five thousand dollars ($175k).
Egrag further elaborates potential mid-channel pricing could see values nearing quarter-million dollar range (~$250k) while top-end estimates suggest possibilities exceeding four hundred grand (~$400k)—drawing parallels previous successful predictions such as gold targets initially set lower now achieving higher trades ($4k).
A Look At Other Bullish Predictions
Mention must be made regarding other bullish outlooks concerning cryptocurrency pioneer itself: Merlijn The Trader closely monitors MACD indicators signaling possible impending surges ahead too! Observations reveal each crossover historically precedes substantial increases indicating similar occurrences underway presently perhaps repeating history once more?
Bitcoin Weekly Chart | Merlijn
Merlijn emphasizes recurring patterns preceding major rallies implying upcoming events aligning expectations aiming beyond one-fifty-thousand-dollar mark (~$150k).