Amid the ongoing Bitcoin correction, analyst EGRAG identifies $173K as the next target, citing historical observation backing a potentially bullish July.
While Bitcoin traded above $70,000 within the last 24 hours, the premier asset has since collapsed significantly, hitting a new daily low of $66,741. This retracement has also led to a decline in the broader altcoin market, particularly affecting meme coins.
Meanwhile, prominent voices continue to emphasize that the bullish trend is ongoing, seeing the dips as another buying opportunity. The optimism stems from various factors, particularly historical data, as Bitcoin’s cycle movement often reflects past trends.
Bitcoin Mirroring 2017 Bull Trend
In his latest on Bitcoin, analyst EGRAG reiterated his long-standing belief that BTC’s current trend echoes its 2017 pattern, especially during a crucial consolidation phase.
He pointed out that in 2017, Bitcoin experienced four months of consolidation around the Fibonacci 1.0 level. Per the update, this accumulation stage was followed by a dramatic surge in the fifth month.
EGRAG emphasized that Bitcoin is currently exhibiting a similar pattern, with four monthly candles consolidating around its previous all-time high.
Notably, Bitcoin set a new ATH of $73,650 in March but has been on a downtrend since, struggling to re-enter and sustain the $70,000 threshold.
$173K Seen as BTC’s Next Target
Meanwhile, the analyst predicts that Bitcoin will not experience a breakthrough yet this month. He mentioned that while the consolidation will linger in June, it would set the stage for an explosive July.Â
EGRAG forecasts that this rally could propel Bitcoin to a peak of around $173,000, which he considers the asset’s next stop. At press time, Bitcoin was trading at $66,923. Accordingly, a surge to $173K requires a 158% price growth.
#BTC Next Target – $173K:
I've mentioned many times before that this cycle pattern is mirroring the 2017 Cycle (Cycle B) 📈. Right now, #BTC is just consolidating around Fib 1.0, just like it did in Cycle B.
In Cycle B, we had 4 monthly candles followed by an explosive fifth… pic.twitter.com/FQ54P1B5RJ
— EGRAG CRYPTO (@egragcrypto) June 11, 2024
Notably, analyst Rekt Capital has echoed EGRAG’s sentiment. However, he projected September as the ideal date for a breakout, banking on historical data.
Will it Be Up Only Soon?
Meanwhile, amid these breakout anticipations, on-chain analyst Ali Martinez has urged caution. Martinez recently highlighted historical data showing that Bitcoin typically experiences bearish performances in the third quarter of the year, with an average return of 6.49% and a median return of negative 2.57%.
Beware!
Historically, #Bitcoin has struggled in Q3, with an average return of 6.49% and a median return of -2.57%. pic.twitter.com/6IJtHcK4ZL
— Ali (@ali_charts) June 10, 2024
However, this historical observation has not invalidated his near-term optimism for Bitcoin. In a previous update, he argued that the next potential local top for BTC could be around $89,200, a prediction made when the asset was still in the $70,000 range.
In a more recent update, Martinez highlighted an incoming relief rally from the ongoing dip. He noted that the TD Sequential technical indicator had presented a buy signal on Bitcoin, predicting a potential rebound of one to four candlesticks.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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