Bitcoin has experienced a competitive drop in the last few days, but one well-followed crypto analyst remains fearless. Popular Chartist Egrag Crypto says Bitcoin is still in a bull marketEven with the withdrawal. He believes that what is happening now is only part of a larger repeating pattern that has taken place since the end of 2022. According to him, this cycle is not over yet and the market still has another strong upward move before a real bear phase starts.
Bitcoin keeps strong above the key levels
Egrag Crypto that explains Bitcoin follows a clear pattern that has been in place since December 2022. Firstly, the price increases, then it goes again support, bouncing back, corrects somewhat and makes a new local high.
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At the moment is the most critical level to view $ 103,000. So long Bitcoin does not fall Below that level, Egrag says that there is no real danger. Instead, he expects that a large pump will arrive before the cycle comes at the top. His personal target for this step is between $ 150,000 and $ 175,000. According to him, this would mark the last push of the current Bullrun Before the market flips To the next bear phase.
Egrag emphasizes that corrections are normal on the road and should not cause a panic. He believes that traders often become entangled in short drops without realizing that they are only part of a larger trend. Looking at the larger whole, it is clear that the Bitcoin Bull market Still has room to run.
Market parallels with gold suggest that Bull Run is intact
Egrag Crypto also makes a strong comparison Between Bitcoin and Gold. He points out that many analysts ever thought that Gold had reached a peak on a technical target of $ 3,500. Instead, the price continued to rise because of what he calls a short squeeze. This sudden rise, he says, was meant to catch buyers of the retail trade in a “loser rally”.
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He notes that The question of the gold is currently so high That even shop owners with decades of experience say that they have never seen it that way. For Egrag, this type of hype is usually a warning that the cycle is close to the top. He expects gold to fall by $ 600 to $ 1,000 as soon as Russia and Ukraine restore peace, a movement that, according to him, would again confirm the cyclical nature of the market.
The same lesson applies for Bitcoin. Despite loud voices Call the bull that run aroundEgrag insists that the cycle is still alive. He only regards the current decline as a break for another important increase. He is planning to invest around $ 30,000 in the next macro cycle and later rotate in strong altcoins. According to him, staying is patient and respecting cycles The most effective approach.
Featured image made with dall.e, graph of tradingview.com