Bitcoin has experienced a sharp price drop in recent days, but one well-followed crypto analyst remains undaunted. Popular chartist Egrag Crypto says Bitcoin is still in a bull market, even with the pullback. He believes what is happening now is only part of a larger repeating pattern that has played out since the end of 2022. According to him, this cycle is not over yet, and the market still has another strong upward move before an actual bear phase begins.
Bitcoin 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 high.
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 out. His 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 phase.
Egrag stresses that corrections along the way are normal and should not cause panic. He believes traders often get caught up in short-term drops without realizing that they are only part of a larger trend. Looking at the bigger picture, it is clear that the Bitcoin bull market still has room to run.
Market Parallels With Gold Suggest Bull Run Is Intact
Egrag Crypto also draws a strong comparison between Bitcoin and gold. He 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 squeeze. This sudden surge, he says, was meant to trap retail buyers into a “suckers rally.”
He notes that gold demand is currently so high that even shop owners with decades of experience say they have never seen business like this. To Egrag, this kind of hype is usually a warning that the cycle is near its top. He 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 market.
For Bitcoin, the same lesson applies. Despite loud voices calling the bull run over, Egrag insists that the cycle is still alive. He views the current downturn as merely a pause before another significant surge. He plans to invest around $30,000 in the following macro cycle and later rotate into strong altcoins. In his view, staying patient and respecting cycles is the most effective approach.
Source: https://www.newsbtc.com/news/bitcoin/bitcoin-is-still-in-a-bull-market/