**Market Analyst Predicts Bitcoin Consolidation Before New All-Time High**
A well-regarded market analyst, Egrag, has shared an optimistic outlook for Bitcoin, suggesting that it may consolidate over the next few weeks before making a run for a new all-time high. In a recent post on X, Egrag provided an update to his previous analysis, where he outlined two potential scenarios for Bitcoin leading up to President Donald Trump’s inauguration. Initially, he proposed that Bitcoin could surge to $120K before facing a significant price drop, specifically targeting the CME Gap before resuming its bullish trend. His second scenario anticipated a notable dip to the CME Gap, particularly within the $70,000 to $75,000 range, before Bitcoin would continue its upward movement.
As it turns out, the second scenario has unfolded, and Egrag took to X to express his satisfaction with the accuracy of his prediction. For context, Bitcoin recently dipped to a low of $78,200, marking its lowest price this year, a development that has had a considerable impact on the altcoin market. With the $70K range now in play, Egrag shared an updated perspective on Bitcoin’s potential trajectory in the coming weeks.
**Short-Term Volatility Before the Next Leg Up**
Egrag emphasized that the $70K to $75K key level coincides with the 200-day Exponential Moving Average (EMA), which he believes is now functioning as a crucial support zone. He also pointed out that Bitcoin’s price movements are mirroring a familiar fractal pattern observed between July and September 2024. This indicates that the market might experience some turbulence through March and April 2025, with price fluctuations around the 200 EMA before ultimately resuming its upward trend. Egrag is confident that this consolidation phase will pave the way for a significant breakout, akin to previous cycles.
**Bitcoin’s Next Target: $150K–$170K?**
Utilizing Fibonacci 1.618 extensions and fractal analysis, Egrag forecasts that Bitcoin could reach between $150K and $170K as the peak of this cycle. This projection aligns with predictions he has held since 2021. However, he notes that many have overlooked this outlook in favor of more ambitious targets.
At the time of writing, Bitcoin is trading at $82,300, showing a slight recovery from the recent dip to $78K. A rebound to $170K from today’s low would represent an impressive 118% gain for current holders.
