Since it reached a new historical maximum in January, Bitcoin (BTC) has struggled to establish a bullish form that is in a bearish trend that has lasted in the last two months. According to the outstanding market analyst Egrag Crypto, the main cryptocurrency could probably remain in correction during the coming months before launching a price rally.
Bitcoin’s 231 day cycle suggests a $ 175,000 target for September
After a decrease in the initial price in February, Egrag Crypto had postulate Bitcoin could experience a price correction due to a CME gap before experiencing a price bounce. However, the lack of strong bullish convictions in recent weeks has forced a conclusion that the main cryptocurrency is stuck in a potentially long corrective phase.
According to Egrag in a Recent publicationThe continuous correction of Bitcoin is aligned with a fractal pattern, that is, a repetitive price structure that has appeared in multiple deadlines. This pattern is based on a cycle of 33 bars (231 days) during which BTC transits from a corrective phase to an explosive price rally.
When comparing the previous cycles with the current development, Egrag has predicted that Bitcoin could leave his recalibration for June. In this case, the analyst hopes that the leader of the cryptographic market will reach a market of $ 175,000 in September, hinting at a potential gain of 107.83% in current market prices.
However, when this price rally turns on, market bulls must guarantee a break above the rigid price barrier of $ 100,000. On the other hand, any possible drop below the support price level of $ 69,500- $ 71,500 could invalidate this current upward configuration and possibly point out the end of the current execution of the bull.
BTC investors wait while the exchange activity slows down
In other news, the popular encryption expert Ali Martínez has reported A decrease in activity related to the exchange of bitcoin that indicates the reduction of investor interest and the use of the network. In particular, this development suggests that investors doubt in depositing or withdrawing bitcoin in exchanges perhaps due to the uncertainty of the market in the immediate future trajectory of the asset.
According to Martínez, Bitcoin is likely to undergo a trend change as investors expect the next market catalyst. In particular, Bitcoin has shown a commendable recovery capacity despite the new rates imposed by the United States government on April 2. According to Santiment dataThe BTC price fell only 4% in the hours after the ad, a softer reaction compared to the previous market -related market movements.
Since then, BTC has obtained some price earnings and currently lies at $ 83,805 as investors go to the cryptography market, which has registered an entry of $ 5.16 billion on the last day. Meanwhile, the BTC negotiation volume has increased by 26.52% and is valued by $ 43.48 billion.
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