Analyst Says Bitcoin Will Surge to $170,000 if This Happens

With the market showing bullish momentum, analyst Egrag has stated that Bitcoin will be all set for a surge to $170,000 if a critical level holds.

Bitcoin has pumped over 2% today to a three-month high of $68,000. The last time the asset traded that high was in July while consolidating from its all-time high of around $74,000 in March.

An interesting fact about the latest pump is that Bitcoin has failed several times to attain this price mark for the past four months. For context, the premier asset was rejected at $65,000 in August and $66,508 in September while attempting to reclaim $70,000.

However, with a successful outing on Tuesday and a bullish continuation today, market expert Egrag has given a critical level that Bitcoin needs to hold to continue its uptrend. The analyst stated the level was paramount because it was the “simplest yet most effective” indication of Bitcoin’s sustained uptrend to $170,000.

Market Expect Cites 21 EMA Trendline

In a tweet on Wednesday, Egrag insisted that the bullish upsurge seen today was the early stages of the Bitcoin bull market. Notably, key metrics have already reached new highs despite the early nascent bull cycle.

For context, the Bitcoin open interest on exchanges surged to a new high above $19 billion on Tuesday, signaling increased traction toward the premier asset.

Furthermore, Egrag stated that Bitcoin has now reached the 21 exponential moving average trendline, a critical indicator that would determine its continued uptrend. The market speculator noted that for Bitcoin to sustain bullish momentum, it has to close above the indicator at $67,285 by October.

Egrag attached an accompanying chart stressing the importance of the 21 EMA indicator. According to the chart, Bitcoin continued its uptrend after breaking past the trendline in previous cycles, as seen in the 2016 and 2020 bull runs.

Analyst Sets Cycle Target at $170,000

Meanwhile, Egrag stated that although there are speculations that Bitcoin will hit $300,000 and $500,000, the primary focus for this bull cycle was the Fibonacci level 1.618 at $170,000. He implied that he sees the bull cycle peaking after a 250% rally from the current market price of $68,000.

Notably, several analysts speculated contrasting prices for Bitcoin, with some predicting higher than Egrag’s $170,000 and others calling a lower price for the bull cycle. For instance, veteran trader Peter Brandt predicted that the largest crypto asset by market cap will peak at $150,000.

Also, analyst The House of Crypto stated that Bitcoin will trade at $175,000 by next year, while analysts at Standard Chartered raised the bar, predicting that the premier asset will hit $200,000.