The famous market analyst Egrag Crypto has fallen from Bitcoin’s predictions due to the recent formation of the very budget chart. The virgin cryptocurrency is currently trading over $ 84,000 after its simple recovery in the last part of last week. However, the continuity of the current bull is still not certain except for the continuous upward trend.
Bitcoin ouds style hints to increase the main price
in X post On March 14, Egrag Crypto states that the BTC market may prepare for the main price collapse. According to the technical analysis shared by the trading expert, Bitcoin formed a cup and a handle that hints to a large upward step on the horizon. For context, the cup style and the handle are a bullish composition of the textbook that occurs when the assets test a round bottom, that is, the cup is followed by a slight withdrawal, that is, the handle before collapse to new levels. This is well clear in the weekly chart below after BTC prices in the past two years.
According to Egrag Crypto, the first cryptocurrency is about to finish with potential multiple goals on the horizon. The irrational goal provides the peak of a governor of a governor of $ 113,000. Meanwhile, the logarithmic scale, which explains the historical gains, indicates a price of $ 260,000. With the average of both ways, EGRAG Crypto chose a personal goal of $ 186,000. The analyst also prefers the peak of the potential price at $ 175,000 as shown at the level of the 1.618 Fibonacci extension, which was historically as an index of the highest reliable cycle. However, although this analysis provides a strong strong prediction, Bitcoin must first experience a decline to about $ 65,000 to start this price increase.
Bitcoin network fees decrease by 24 %
In other news, INTOTHE Block Reports The Bitcoin network fees decreased by 24.4 % of up to $ 2.5 million, which was reported last time in September 2024. Analysis company notes that this decrease occurred despite the important changes in the market that saw Bitcoin sliding to $ 77,000 before the price level increased 85,000 dollars. Amid Bitcoin’s larger struggles, InTothheblock reports also that the exchanges of exchange grew by $ 840 million, indicating the weakening of market confidence as investors move to sell their assets. At the time of the press, the value of the encryption market is estimated at 84,545 dollars, which reflects an increase of 3.12 % last day. However, the amounts of 1.76 % and 13.11 % in the seven and 30 days indicate a dominant dominant effect in recent weeks.
