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- Bitcoin could surge to $175K after filling the CME gap at $91,950 with a rally targeting $140K to $160K.
- The market follows a clear cycle of correction, pump, retest, and correction before pushing toward $175K.
- Signs are emerging for a rally that may push Bitcoin’s price beyond previous all-time highs in the coming months.
Bitcoin price trend is on a predictable path, but could explode to reach the target of $175,000. Analyst Egrag Crypto highlighted the cyclical nature that Bitcoin has experienced as it is closing in on its current market cycle. He noted that Bitcoin will initially complete the CME gap at $91,950 and then embark on a substantial rally, aiming at a price target of between $140K and $160K.
The structure of a market type identified in the analysis defines the phases of the price action of Bitcoin. The initial stage starts with the fault, at which the price moves beneath the Bull Market Support Band (BMSB), and it indicates a decline. A quick run-up will follow this in price as Bitcoin crosses the BMSB, and the correction will end. Following this upwards movement, Bitcoin then revisits the level, with its bounce initially bigger upon the first retest and decreasing in bounce upon the second retest. The market will enter into another correction period after these stages.
Source: X
According to this pattern, BTC is likely to proceed in this way. The forecast shows that once the CME gap is resolved at $91,950, there will be a powerful uptrend that will force the price of Bitcoin up to either 140K or $160K. A retest is likely to follow, with a small bounce prior to the completion of the market cycle, and the price may reach $175K.
Bitcoin’s Market Volatility
This trend has already repeated itself several times in the past market cycles, and the current trend indicates that Bitcoin will still follow its trend towards the peak of the cycle. The speculation relies on the idea that Bitcoin will fill the CME gap and keep rising, reaching the $175K target in the end. At the time of writing, BTC is trading at $101,406, with a 24-hour trading volume of $63.62 billion.
The investors of Bitcoin are keenly observing these stages in the market as it prepares towards the next rally. As long as the trend persists, there is a possibility that Bitcoin may surpass its past all-time highs, although the volatility of the market is a very essential consideration that may influence the result. The perspective will provide traders with a guideline on how to navigate since Bitcoin concludes the current bull cycle in the market.
As the market is trying to evolve, Bitcoin will be under observation to determine whether the digital currency can enter a continuous bullish ride and achieve the anticipated price goal of $175K in the next few months.
