Bitcoin Remains Bullish Amid Price Drop, Analyst Egrag Crypto Affirms

Bitcoin has recently experienced a price drop, but analyst Egrag Crypto remains optimistic, asserting that the cryptocurrency is still in a bull market. He attributes the current trend to a repeating pattern since late 2022 and anticipates another upward movement before a bear phase.

Key Insights

Bitcoin follows a clear cycle: surge, retest support, bounce back, correct slightly, then reach a new local high.
The critical support level is $103,000. Staying above this suggests no immediate danger, with potential for a rise to $150,000-$175,000.
Egrag emphasizes that corrections are normal in a larger trend and advises against panic over short-term drops.

Bitcoin price

Market Parallels

Comparisons with gold show similar cyclical patterns and suggest Bitcoin's bull run is intact.
Gold's past unexpected rise due to a short squeeze serves as a warning of nearing cycle tops.
Despite claims of the bull run ending, Egrag maintains belief in Bitcoin's ongoing cycle, planning strategic investments in both Bitcoin and altcoins.