Prominent market analyst Egrag Crypto has issued a Bitcoin price prediction based on the recent emergence of a compelling bullish chart pattern. Currently, Bitcoin trades above $84,000, following a minor recovery that occurred in the latter part of last week. However, the sustainability of this bull run remains uncertain unless a consistent uptrend is established.
Bitcoin’s Bullish Chart Pattern Hints At Major Price Surge
In a revealing post on March 14, Egrag Crypto articulated that the BTC market could be poised for a substantial price breakout. The technical analysis provided by Egrag Crypto indicates that Bitcoin has formed a Cup and Handle pattern, signaling a potential major bullish movement in the near future.
The Cup and Handle pattern is a well-recognized bullish formation that arises when an asset experiences a rounded bottom (the cup) followed by a slight pullback (the handle) before breaking out to new highs. This pattern is clearly depicted in the weekly chart accompanying this article, illustrating BTC’s price action over the past two years.
Egrag Crypto suggests that Bitcoin is on the cusp of a breakout, with several potential price targets identified. The conservative non-logarithmic target indicates a possible price peak of $113,000. Furthermore, the logarithmic scale, which considers historical exponential growth, points towards a price target of $260,000. By averaging these two methodologies, Egrag Crypto has settled on a personal target of $186,000. Additionally, a price peak of $175,000 is favored based on the Fibonacci extension level of 1.618, which has historically proven to be a reliable indicator of a cycle top. Nevertheless, for this bullish analysis to materialize, Bitcoin is anticipated to first experience a pullback to approximately $65,000 to catalyze the impending price surge.
Bitcoin Network Fees Drop By 24%
In related news, IntoThe Block recently reported a 24.4% drop in Bitcoin network fees, bringing them down to $2.5 million—the lowest recorded since September 2024. This decline has occurred despite significant shifts in the market, including a recent slip of Bitcoin to $77,000 before it managed to rise and reclaim the $85,000 mark.
Amid Bitcoin’s ongoing challenges, IntoThe Block also highlights an increase in exchange inflows amounting to $840 million, suggesting a decline in market confidence as investors are moving to liquidate their assets.
As of this writing, the cryptocurrency market leader is valued at $84,545, reflecting a 3.12% gain within the past day. However, reported losses of 1.76% and 13.11% over the past week and month respectively indicate a prevailing bearish sentiment in recent weeks.
