Bitcoin has undergone a strong drop in prices in the last few days, but a well -followed cryptographic analyst remains undaunted. The popular Chartist Egrag Crypt says Bitcoin is still in a bull marketEven with Pullback. He believes that what is happening now is only a part of a larger repeated model that has been carried out since the end of 2022. According to him, this cycle is not yet finished and the market still has another strong move before a phase of real bear starts.
Bitcoin keeps strong above the key levels
Egrag Crypto explains it Bitcoin follows a clear model that has been taking place since December 2022. In the first place, the price increases upwards, then sees the support, bouncing back, corrects slightly and makes a new local maximum.
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At this moment, the most critical level to watch is $ 103,000. Until Bitcoin does not fall Below that level, Egrag says that there is no real danger. Instead, he expects another big pump to arrive before the cycle runs away. His personal goal for this move is between $ 150,000 and $ 175,000. In his opinion, this would mark the last push of the current bull Before the market launchs to its subsequent bear phase.
Egrag underlines that the corrections along the road are normal and should not cause panic. He believes that the traders are often captured by short -term drops without realizing that they are only a part of a wider trend. Looking at the largest picture, it is clear that the Bitcoin Bull Market It still has space to run.
Market parallels with gold suggest that Bull Run is intact
Egrag Crypto also draws a strong comparison between bitcoin and gold. He stresses that many analysts once thought that Gold had reached a peak on a technical goal of $ 3,500. Instead, the price continued to increase due to what calls a short tight. This sudden increase, he says, had to trap the retail buyers in a “manifestation of suction cups”.
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Observes it The golden demand is currently so high Even the owners of shops with decades of experience say they have never seen business like this. For Egrag, this type of clamor is usually a warning that the cycle is close to its top. It is expected that gold in the end descends to $ 600 to $ 1,000 once Russia and Ukraine restore peace, a move he believes would have confirmed again the cyclical nature of the market.
For Bitcoin, the same lesson applies. Despite strong voices Calling the bull in the runningEgrag insists that the cycle is still alive. Consider the current recession as simply a break before another significant wave. It is planning to invest about $ 30,000 in the following macro cycle and then revolves in strong altcoin. In his opinion, staying patient and respecting cycles is The most effective approach.
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