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Popular market analyst Egrag Crypto has dropped a Bitcoin price prediction due to the recent formation of a highly bullish chart pattern. The maiden cryptocurrency currently trades above $84,000 following its minor recovery in the latter part of last week. However, the continuity of the current bull run remains uncertain barring a sustained uptrend.
Bitcoin’s Bullish Chart Pattern Hints At Major Price Surge
In an X post on March 14, Egrag Crypto states the BTC market may be preparing for a major price breakout. According to the technical analysis shared by the trading expert, Bitcoin has formed a Cup and Handle pattern hinting a major bullish move is on the horizon.
For context, the Cup and Handle pattern represents a textbook bullish formation that occurs when an asset experiences a rounded bottom i.e. the cup followed by a slight pullback i.e. the handle before a breakout to new highs. This is well illustrated in the weekly chart below following BTC’s price action in the past two years.
According to Egrag Crypto, the premier cryptocurrency is on the verge of a breakout with multiple potential price targets in sight. The non-logarithmic target presents a conservative possible price peak of $113,000. Meanwhile, the logarithmic scale which accounts for historical exponential gains points to a price target of $260,000.
Taking an average of both methods, Egrag Crypto has picked a personal target of $186,000. The analyst also favors a potential price peak at $175,000 as indicated by the Fibonacci extension level of 1.618 which has historically acted as a reliable cycle top indicator. However, while this analysis presents a robust bullish prediction, Bitcoin must first experience a pullback to around $65,000 to initiate this price surge.
Bitcoin Network Fees Drop By 24%
In other news, IntoThe Block reports that Bitcoin network fees have decreased by 24.4% reaching $2.5 million which was last reported in September 2024. The analytics firm notes that this decline has occurred despite significant market changes which saw Bitcoin slip to $77,000 before rising to reclaim the $85,000 price level.
Amidst Bitcoin’s larger struggles, IntoTheBlock also reports that exchange inflows grew by $840 million suggesting a weakening market confidence as investors move to sell their assets.
At press time, the crypto market leader is valued at $84,545 reflecting a 3.12% gain in the past day. However, reported losses of 1.76% and 13.11% in the past seven and 30 days indicate a dominant bearish influence in recent weeks.
