Bitcoin fell to $ 78,000 and worried investors. However, the famous analyst predicts that BTC will be consolidated at this level and then rise to $ 170,000. So, what’s behind this prediction?
Short -term fluctuation is expected
According to Ekrag, Bitcoin is currently testing a critical support level of $ 70,000 to 75,000. This region overlaps with the 200 -day exponential moving average (EMA) and may be a strong jump point.
Analyst says that Bitcoin price movements resemble the July-September 2024 period. If this model repeats, the volatility will continue in March and April. However, the price may enter a new rise trend after this process.
Bitcoin Target: 150,000 – 170,000 dollars
By analyzing Fibonacci 1.618 extensions and past cycles, Ekrag estimates that Bitcoin will reach a summit of $ 150,000 to 170,000 dollars. This estimate has been continuing since 2021, but many people are ignored because they focus on more ambitious price targets.
Currently, BTC is trading at $ 82,300. If the estimation occurs, Bitcoin owners can get an enormous profit of 118 %. However, in order to realize this rise, the market needs to maintain critical support levels. Are there great opportunities for Bitcoin investors at the door? Could the target of $ 170,000 be real? The next weeks will be critical!
Critical Period for Bitcoin: Does it win from patience?
Bitcoin’s current price movements can offer great opportunities for investors. Despite the uncertainty and sales pressure in the market, analysts offer data supporting long -term rise scenarios. Bitcoin’s support between $ 70,000-75,000 increases the likelihood of a strong leap. Looking at the past market cycles, Bitcoin seems to have started large bull runs after being consolidated at similar levels. In particular, if the major investors (whales) continue to accumulate in this process, it may be inevitable to break the price upward.
However, global economic developments, regulation news and general market sensitivity will play a key role in determining the direction of BTC. If the market captures a positive momentum, Bitcoin’s target of $ 170,000 can come out of just a guess and become a reality. In the coming days, we will see what will happen together.
