CandleFocus Here’s How Soon Bitcoin Could Crack $173K Peak: Insights from Historical Patterns
2024-09-13
Author: Content Editor
Market analyst Egrag Crypto predicts a new all-time high of $173,000 for Bitcoin, drawing parallels with previous market cycles and highlighting the significance of Bitcoin's performance around the Fib 1.0 level. If Bitcoin follows a similar pattern, a new peak could be reached as early as March 2025 or as late as October of the same year. The ongoing Bitcoin price recovery has stalled, with BTC maintaining a stable price of around $58,000. Experts remain optimistic about Bitcoin's future despite fluctuating on-chain activity and declining investor engagement. However, technical data presents a more cautious picture, with Bitcoin trading below its 200-day SMA for over a month, leading to predictions of a potential price correction towards $31,500. On-chain activity related to exchanges has also seen a noticeable decline, suggesting reduced engagement that may impact Bitcoin's short-term performance. Despite these bearish calls, global asset management firm BlackRock recently highlighted Bitcoin's potential as a hedge against global financial instability, reigniting investor confidence.
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