Pundit Says Bitcoin Is Still In A Bull Market Despite Price Crash; Here’s Why

Bitcoin has experienced a sharp price drop in recent days, but one well-followed crypto analyst remains ￰0￱ chartist Egrag Crypto says Bitcoin is still in a bull market, even with the ￰1￱ believes what is happening now is only part of a larger repeating pattern that has played out since the end of ￰2￱ to him, this cycle is not over yet, and the market still has another strong upward move before an actual bear phase ￰3￱ Holds Strong Above Key Levels Egrag Crypto explains that Bitcoin follows a clear pattern that has been in place since December 2022. First, the price surges upward, then it retests support, bounces back, corrects slightly, and makes a new local ￰4￱ Reading: XRP Holders Could Lose Millions Of Dollars In 10 Days, Here’s Why Right now, the most critical level to watch is $103,000.

As long as Bitcoin does not fall below that level, Egrag says there is no real danger. Instead, he expects one more big pump to arrive before the cycle tops ￰5￱ personal target for this move is between $150,000 and $175,000. In his view, this would mark the last push of the current bull run before the market flips to its next bear ￰6￱ stresses that corrections along the way are normal and should not cause ￰7￱ believes traders often get caught up in short-term drops without realizing that they are only part of a larger ￰8￱ at the bigger picture, it is clear that the Bitcoin bull market still has room to ￰9￱ Parallels With Gold Suggest Bull Run Is Intact Egrag Crypto also draws a strong comparison between Bitcoin and ￰10￱ points out that many analysts once thought gold had peaked at a technical target of $3,500.

Instead, the price continued to rise due to what he calls a short ￰11￱ sudden surge, he says, was meant to trap retail buyers into a “suckers rally.” Related Reading: Expert Reveals Why XRP Won’t Mirror Bitcoin’s Path And Why A Decoupling Is Imminent He notes that gold demand is currently so high that even shop owners with decades of experience say they have never seen business like ￰12￱ Egrag, this kind of hype is usually a warning that the cycle is near its ￰13￱ expects gold to eventually fall by $600 to $1,000 once Russia and Ukraine restore peace, a move that he believes would once again confirm the cyclical nature of the ￰14￱ Bitcoin, the same lesson ￰15￱ loud voices calling the bull run over, Egrag insists that the cycle is still ￰16￱ views the current downturn as merely a pause before another significant ￰17￱ plans to invest around $30,000 in the following macro cycle and later rotate into strong ￰18￱ his view, staying patient and respecting cycles is the most effective ￰19￱ image created with Dall.

E, chart from ￰20￱