The popular market analyst Egrag Crypto has fallen a Bitcoin price forecast due to the recent formation of a very bullish hit list pattern. The first cryptocurrency is currently traded above $ 84,000 after his small recovery in the last part of last week. However, the continuity of the current Bullrun remains uncertain, apart from a persistent uprising.
Bitcoin’s Bullish Hit frame pattern points to a large price increase
In one X On March 14, Egrag Crypto states that the BTC market may be preparing for a big price break. According to the technical analysis that is shared by the trading expert, Bitcoin has formed a cup and is a skewer pattern that indicates a large bullish is on the horizon. For the context, the cup and handle pattern represents a bullish formation of the textbook that occurs when an actively completed a rounded soil experiences the cup followed by a slight withdrawal. The handle for an outbreak to new highlights. This is well illustrated in the weekly graph below after the BTC price action in the past two years.
According to Egrag Crypto, the Prime Minister Cryptocurrency is about to have an outbreak with multiple potential price goals in sight. The non-logarithmic target presents a conservative possible price peak of $ 113,000. In the meantime, the logarithmic scale that is responsible for historical exponential profits points to a target of $ 260,000. With an average of both methods, Egrag Crypto has chosen a personal target of $ 186,000. The analyst is also in favor of a potential prize peak at $ 175,000 as indicated by the Fibonacci extension level of 1,618, which has historically succeeded as a reliable cycle top indicator. Although this analysis offers a robust bullish prediction, Bitcoin must first first experience a withdrawal up to around $ 65,000 to start this price.
Bitcoin network costs fall by 24%
In other news, Intothee Blok report The fact that Bitcoin network costs fell by 24.4% to $ 2.5 million, which was last reported in September 2024. The analysis company notes that this decrease has taken place despite important market changes that Bitcoin made to $ 77,000 before having the price level of $ 85,000 back. In the midst of the larger struggles of Bitcoin, Intothelock also reports that exchange inflow grew by $ 840 million, which suggests weakening market confidence while investors are moving their assets. At the time of the press, the crypto market leader is appreciated at $ 84,545 as a result of a profit of 3.12% in the last day. Reported losses of 1.76% and 13.11% In the last seven and 30 days, however, indicate a dominant bearish influence in recent weeks.
