Bitcoin has seen a significant decline in price recently, yet a prominent crypto analyst remains optimistic. Well-known chartist Egrag Crypto asserts that Bitcoin is still in a bull market, despite the downturn. He posits that the current situation is merely a part of a larger recurring trend that has unfolded since late 2022. According to him, this cycle is not finished, and the market is poised for another substantial upward movement before an actual bearish phase arrives.
Bitcoin Remains Resilient Above Key Levels
Egrag Crypto illustrates that Bitcoin adheres to a distinct pattern that has been evident since December 2022. Initially, the price rises sharply, followed by a retest of support, a rebound, minor correction, and ultimately a new local peak.
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At this moment, the key level to monitor is $103,000. Provided that Bitcoin stays above that mark, Egrag states there is minimal risk. Instead, he anticipates another significant rally prior to the peak of this cycle. His personal target for this movement falls within the range of $150,000 to $175,000, which he believes will signify the last surge of the ongoing bull run before the market transitions into its next bearish phase.
Egrag emphasizes that occasional corrections are typical and shouldn’t lead to panic. He maintains that traders often become fixated on short-term declines, losing sight of their place within a more extensive trend. Observing the broader landscape, it is evident that the Bitcoin bull market still has potential for growth.
Market Comparisons With Gold Indicate Bull Run Is Secure
Egrag Crypto also establishes a compelling link between Bitcoin and gold. He notes that numerous analysts previously believed gold reached its peak at a technical benchmark of $3,500. However, the price continued its ascent due to what he refers to as a short squeeze. He suggests this sudden increase was designed to ensnare retail investors in a “suckers rally.”
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He remarks that gold demand is currently at such a high level that even long-time shop owners report unprecedented business. For Egrag, this kind of enthusiasm typically signals that the cycle is nearing its apex. He anticipates gold could eventually decline by $600 to $1,000 once peace is restored between Russia and Ukraine, reinforcing his belief in the cyclical nature of the market.
The same principle holds for Bitcoin. Despite vocal opinions declaring the bull run over, Egrag asserts that the cycle is still very much alive. He interprets the current downturn as merely a temporary pause before another substantial increase. He plans to invest approximately $30,000 in the next macro cycle and subsequently shift into strong altcoins. In his eyes, exercising patience and adhering to cycles is the most efficient strategy.
Featured image created with Dall.E, chart from Tradingview.com
