A top market analyst has identified a recurring pattern of uptrend on the Bitcoin chart, sharing what’s next before a rally to a new ATH.
Expert EGRAG Crypto shared Bitcoin’s clear pattern in a Monday tweet, as BTC continues to hold above $100,000. After a steep decline to $98,330, the leading cryptocurrency quickly rebounded by 2.76% to close at $101,049 on Sunday, continuing its recovery today.
Bitcoin Shows Clear Growth Pattern
Meanwhile, EGRAG identified that Bitcoin has maintained a clear pattern of growth this cycle. Recall that BTC has been one of the standout cryptocurrencies during this bull market, outperforming most altcoins so far.
The analyst shared that Bitcoin’s growth strategy includes a corrective phase where it drops below its bull market support band (BMSB), followed by a major rally to reclaim and trade above the BMSB, and then a slight correction.
A first bounce follows the first retest, with another consolidation before the second bounce. After the second bounce, Bitcoin enters another corrective phase and repeats the same pattern.
Interestingly, EGRAG identified two points where Bitcoin followed this pattern to the letter, as shown in an accompanying chart.
For instance, Bitcoin fell into a correction in November 2022, dropping to $15,500 and slipping below the BMSB, a signal based on the 20-week SMA and 21-week EMA. It recovered in January 2023, climbing to $28,600. A bounce followed in early March after a weekly doji candle, pushing the price to $31,000. Another doji in mid-June sparked a second bounce to $31,830, before Bitcoin pulled back again into a new correction.
Meanwhile, another complete pattern occurred between September 2023 and June 2024 before the current formation.
What’s Next for Bitcoin as Pattern Forms
EGRAG’s chart shows that Bitcoin is currently developing in alignment with the pattern, breaking from a corrective phase in late April to bring prices above the BMSB and to its current all-time high of $112,000. Now, Bitcoin is in the first retest phase, which has seen it correct 8.6% from its May peak price.
From here, the analyst predicts that Bitcoin would retrace further to fill a CME gap at $91,950. Following the 10% correction from the current market price, Bitcoin would rally extensively to a new all-time high between $140,000 and $160,000.
Subsequently, BTC would enter the second retest phase before launching to its ultimate target of $175,000 this cycle. From the current price of $102,319, this represents a 71% uptick.
Remarkably, EGRAG has persisted in his expectation that Bitcoin will target $175,000, sharing in an earlier analysis that this would happen by September 2025. Meanwhile, targets of $200,000 and $250,000 still exist for the largest cryptocurrency by market cap.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
