Popular market analyst Egrag Crypto has removed Bitcoin price forecasts due to the recent formation of bullish chart patterns. The maiden cryptocurrency is currently trading at over $84,000 after a slight recovery later last week. However, current bull run continuity remains uncertain, except for a sustained uptrend.
Bitcoin's bullish chart pattern suggests a major price surge
In a post on March 14th, EGRAG Crypto said the BTC market could be preparing for a massive price breakout. Technical analysis shared by trading experts shows that Bitcoin forms a cup and handle pattern, suggesting that a large bullish movement is on the horizon. In the context, the cup and handle patterns represent the bullish formation of textbooks that occurs when assets experience round bottoms. This is well shown in the weekly chart below, following BTC price action over the past two years.
According to Egrag Crypto, the best cryptocurrencies are on the verge of breakouts where multiple potential price targets are visible. Non-logarithmic targets offer a conservative price peak of $113,000. Meanwhile, the logarithmic scale explaining historical exponential benefits refers to a price target of $260,000. Averaging both methods, Egrag Crypto chose a personal goal of $186,000. Analysts also support a potential price peak at $175,000, as shown at the Fibonacci expansion level of 1.618, which has historically served as a reliable cycle top indicator. However, this analysis offers a robust bullish forecast, but Bitcoin must first be pulled back to around $65,000 to start this price surge.
Bitcoin Network Fees Reduce by 24%
In other news, Intothe Block reports that Bitcoin network fees fell 24.4% to the last reported $2.5 million in September 2024. The analytics company notes that this decline occurred despite a significant market change in which Bitcoin slips to $77,000 before recovering its $85,000 price level. Amid a bigger struggle for Bitcoin, IntotheBlock also reports that exchange inflows have increased by $840 million, suggesting that market reliability decreases as investors move to sell assets. At the press conference, the Crypto Market Leader was valued at $84,545, reflecting a 3.12% increase over the past day. However, reported losses of 1.76% and 13.11% over the last seven and 30 days indicate the dominant bearish effect in recent weeks.
