Previous events suggest that Bitcoin could rally another 135% to a new all-time high above $200,000 or post an average 95% price growth.
Market expert Egrag Crypto highlighted this possibility in a Tuesday price analysis as Bitcoin continues to consolidate around $119,000. The pioneering cryptocurrency rallied to an all-time high of $123,181 over a week ago but has since slowed down, making way for a selective altcoin rally.
Familiar Patterns Reoccurring on Bitcoin Chart
Meanwhile, Egrag has maintained this bullish stance on Bitcoin, sharing a new analysis that shows its next price direction. The outlook came from his study of past Bitcoin price patterns and the possibility that they could repeat following a similar formation.
For context, Egrag noted that between 2023 and now, Bitcoin has printed three inverted broadening triangles, two of which have sparked an extensive rally after breakout. An accompanying chart further buttresses these patterns and their bullish price development.
The first triangle originated when Bitcoin topped at $31,000 during the bear market in April 2023. BTC consolidated around the resistance trendline for months until a breakout in October 2023. After breaching the supply trendline, it rallied 135% from the breakout point to another resistance at $73,700 in March 2024.
The same pattern repeated, with Bitcoin consolidating with the broadening triangle until the October 2024 breakout and a subsequent 60% rally to above $100,000. Now, Bitcoin has broken out from a similar pattern with its 10% rally in July, and Egrag has identified three possible scenarios.
Potential Outcomes Following Breakout
The market watcher projected Bitcoin’s next possible target using the percentage growth of its previous outbreaks and a conservative average. Nonetheless, they all suggest that Bitcoin would rally further to new all-time highs.
Specifically, the first pump outcome will see Bitcoin rally by 135%, similar to its performance after the October 2023 breakout. This culminates in an uptrend from $112,000 to $263,000.
Further, the second pump, which will mirror its late 2024 rally, will bring the price of Bitcoin to $180,000. However, an average percentage upsurge from the last two price rallies will result in a 95% uptick. Applying this to the breakout price results in a target of $220,000.
Nonetheless, Egrag favored the second price scenario, predicting that BTC would peak at around $175,000 and $180,000. Notably, the analyst has repeatedly highlighted $175,000 as Bitcoin’s top this cycle, and this recent outlook further solidifies his conviction.
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