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Bitcoin Drops to $78,000, But Analyst Predicts a Surge to $170,000! Is This the Biggest Rally Yet?
📉 Bitcoin has hit its lowest price of the year, but according to a well-known analyst, this is just part of a larger bullish cycle. He predicts BTC could skyrocket to $170,000 in the coming weeks!
📊 Analyst’s Accurate Prediction: What’s Happening with BTC?
Crypto analyst Egrag shared his latest Bitcoin forecast in a post on X.
🔍 Two potential scenarios he initially predicted:
✅ Scenario 1 – BTC first surges to $120,000, then drops to close the CME Gap before resuming its bullish trend.
✅ Scenario 2 – Bitcoin falls sharply to the $70,000 – $75,000 range before rebounding to an upward trajectory.
📉 Today, the second scenario played out as BTC plunged to $78,200, marking its lowest price of the year. This drop also triggered major sell-offs across altcoins.
Egrag has now updated his outlook, suggesting that Bitcoin is on the verge of a major price move upward.
⚡ Short-Term Volatility Before a Major BTC Breakout?
📊 Key support levels and technical indicators:
🔹 The $70,000 – $75,000 range now serves as a crucial support zone, aligning with the 200-day Exponential Moving Average (EMA).
🔹 BTC’s price action is mirroring a fractal pattern observed between July – September 2024, hinting at a similar movement.
🔹 March and April 2025 may see heightened volatility, with BTC fluctuating around the 200 EMA before breaking out.
📢 Egrag believes that after this consolidation phase, BTC will explode upwards, just as it has in past bull cycles.
🚀 Next BTC Target: $150,000 – $170,000?
🔍 Using Fibonacci extension 1.618 and fractal analysis, Egrag predicts Bitcoin could peak between $150,000 – $170,000.
Bitcoin chart by Egrag / TradingView
📊 Key reasons behind this forecast:
✅ He has maintained this price target since 2021, calling it a realistic cycle peak.
✅ Many have overlooked this range, chasing even more ambitious price predictions.
✅ Historical patterns suggest similar structures have played out in past BTC bull runs.
💰 At the time of writing, BTC is trading at $82,300, showing a slight recovery from the $78,000 dip. If Bitcoin does reach $170,000, current holders would see an incredible 118% gain! 🚀🔥
💭 Will Bitcoin Soon Hit a New All-Time High? Or Is Another Drop Coming?
📊 Bitcoin is at a crucial turning point – after a sharp decline, it could face another correction or kick off a historic rally.
💬 What’s your outlook on BTC? Will we break past $150,000, or is more turbulence ahead? Share your thoughts in the comments! ⬇️
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