EGRAG CRYPTO, a prominent crypto analyst, has a tweet outlining his prediction for the future price of Bitcoin (BTC).
In the tweet, EGRAG CRYPTO compares the current Bitcoin cycle to the 2017 cycle (Cycle B). He argues that the two cycles share similar patterns and predicts that Bitcoin is poised for a significant price increase in the coming months.
EGRAG’s Bitcoin Price Prediction
EGRAG CRYPTO’s prediction hinges on the Fibonacci retracement levels, a technical analysis tool some traders use to identify potential support and resistance levels. The Fibonacci retracement levels are based on a mathematical sequence and are represented by horizontal lines on a chart.
In his tweet, EGRAG highlights that Bitcoin is consolidating around the Fib 1.0 level, coinciding with what happened in Cycle B. There was a significant price increase following this consolidation period in Cycle B. EGRAG CRYPTO believes a similar price increase will likely occur in the current cycle.
EGRAG CRYPTO’s Chart Analysis
The chart included in EGRAG CRYPTO’s tweet visually depicts his analysis. The chart displays the Bitcoin price history along with Fibonacci retracement levels. The chart shows that the price of Bitcoin is currently trading around the $67,878 level, which corresponds to the Fib 1.0 level.
The chart also includes horizontal lines representing EGRAG CRYPTO’s targets for the price of Bitcoin. These targets are based on Fibonacci retracement levels. EGRAG CRYPTO’s most bullish target is $173,000, corresponding to the Fib 1.618 level.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
Is EGRAG CRYPTO’s Prediction Accurate?
EGRAG CRYPTO’s prediction is based on technical analysis and should not be considered financial advice. The cryptocurrency market is inherently volatile and future price movements are difficult to predict with certainty. Investors should always conduct their own research before making any investment decisions.