Since reaching a new all-time peak in January, Bitcoin (BTC) has experienced difficulty maintaining bullish momentum, experiencing a downward trend for over two months now. Market analyst Egrag Crypto suggests that while BTC may continue its downward trajectory for another few months yet again before beginning an imminent rally.
Bitcoin’s 231-Day Cycle Points to September Surge
Egrag Crypto had suggested that Bitcoin might undergo a price correction due to the CME gap, followed by an increase. Although recent market movements lacked strong bullish signals, Egrag now believes that it is in a lengthy corrective phase based on fractal patterns which repeat price structures across timelines – this 33-bar (231 day) pattern suggests an imminent transition from correction to dramatic price increases.
Egrag predicts a Bitcoin breakout by June, with prices reaching as much as $175,000 in September – which would mark a substantial gain compared to current prices. Breaking through key resistance level of $100,000 would enable this scenario to unfold, while any drop below $69,500-$71,500 support zone could undermine and end this bull run altogether.
Exchange Activity Declines as BTC Investors Pause
Ali Martinez, a crypto expert, recently observed a decline in Bitcoin exchange activities that may indicate investor caution and reduced network usage. This trend suggests investors are adopting a conservative strategy due to lingering uncertainties regarding its near-term path.
Martinez also acknowledged Bitcoin’s resilience after US government tariff imposition on April 2 led only to a modest 4% price drop and led to only minor volatility – this time around Bitcoin only experienced a milder reaction than past occasions. Since then it has recovered, trading at $83,805 with $5.16 billion flowing into crypto markets over 24 hours while its trading volume increased 26.52% reaching $43.48 billion!
