The popular EGRAG Crypto market analyst dropped the Bitcoin price forecast due to the recent creation of a highly stubborn chart pattern. The cryptocurrency girl currently trads above USD 84,000 after slight recovery in the second half of last week. However, the continuity of the current bull’s course remains uncertain, except for a lasting upward trend.
The pattern based on the Bitcoin chart indicates the main price escalate
IN X Post On March 14, EGRAG Crypto states that the BTC market may be preparing for a stern breakthrough. According to the technical analysis divided by a sales expert, Bitcoin created a mug and a handle pattern indicating that the horizon has the main stubborn movement. In the context, the pattern of the mug and handle represents the textbook formation of the stubborn, which occurs when the resource experiences a rounded bottom, i.e. the cup, and then a slight withdrawal of the handle from a breakthrough to fresh ups. This is well illustrated on the weekly chart below after the BTC price in the last two years.
According to Egrag Crypto, the most significant cryptocurrency is on the verge of a breakthrough with many potential price goals within sight. An outstanding goal presents a conservative possible price of USD 113,000. Meanwhile, the logarithmic scale, which takes into account historical exponential profits, indicates the price of USD 260,000. Taking average both methods, EGRAG Crypto chose a personal goal of USD 186,000. The analyst also favors the potential peak of the price of 175,000 USD, which is indicated by the level of Fibonacci’s extension of $ 1.618, which was historically acting as a reliable cycle indicator. However, while this analysis is a solid stubborn forecast, Bitcoin must first experience withdrawal to around 65,000 USD to initiate this price escalate.
Bitcoin charges fall by 24%
In other Intothe Block messages Reports That Bitcoin charges dropped by 24.4%, reaching $ 2.5 million, which was recently reported in September 2024. The analytical company notes that this decline occurred despite significant market changes, in which Bitcoin fell to 77,000 USD before it increased to recover the price of USD 85,000. Among the major struggles of Bitcoin, Intotheblock also informs that the stock exchange’s revenues have increased by $ 840 million, which suggests weakening market trust when investors move on the sale of their assets. During the press, the cryptographic market leader is priced at USD 84,545, reflecting 3.12% growth during the last day. However, reported losses of 1.76% and 13.11% in the last seven and 30 days indicate the dominant influence of bears in recent weeks.
