Bitcoin’s been having a bit of a slump lately, failing to break through to new highs after its January peak. But one analyst, Egrag Crypto, thinks a huge price jump is coming.
A 231-Day Cycle and a $175,000 Prediction
Egrag believes Bitcoin is in a correction phase, part of a repeating pattern they’ve observed over multiple timeframes. This 231-day cycle, they say, usually ends with a massive price surge. Based on this, Egrag predicts Bitcoin could break out in June, potentially hitting a staggering $175,000 by September – a massive increase from current prices. To make this happen, Bitcoin needs to break through the $100,000 resistance level. However, if it falls below $69,500-$71,500, this bullish prediction could be wrong.
Investor Hesitation and Market Calm
Meanwhile, another expert, Ali Martinez, points to a decrease in Bitcoin exchange activity. This suggests investors are holding onto their Bitcoin rather than trading it, possibly due to uncertainty about the market. Despite this, Bitcoin has shown surprising resilience lately, only dipping 4% after the recent US tariff announcement. In fact, the market has seen a significant inflow of money recently, and Bitcoin’s trading volume is up.
In short, while the market is a bit quiet right now, some analysts are predicting a massive Bitcoin price increase in the coming months. Only time will tell if they’re right!
