Bitcoin’s Path to $173K by July: Market Expert Explains Timeline and Cycle
Bitcoin (BTC), the largest cryptocurrency by market capitalization, has been grabbing headlines of most crypto news publishing media lately courtesy of the blood bath that has engulfed the entire market space, with BTC at the forefront of the dwindling price actions.
Considering Bitcoin’s significant role in directing the entire crypto price trajectory, the declining price actions centered around the flagship crypto have become a source of tremendous concern among crypto enthusiasts, particularly intending investors.
Hence, several diverse opinions have emerged, attempting to precisely understand what could be driving the dwindling price trajectories and predict possible future price movements, all aimed at making the best investment choices and decisions.
If #Bitcoin breaks this support, we are f*cked… pic.twitter.com/tA6oiYfRXM
— Crypto Rover (@rovercrc) June 11, 2024
Among the different opinions and analyses making rounds in the crypto space, Egrag Crypto’s projection seems highly bullish, as he recently took to his verified X handle to explain Bitcoin’s path to $173K. Interestingly, Egrag’s analysis projected a timeline for attaining the $173K target, citing historical price patterns from 2017.
Bitcoin’s Path To $173K Anticipated In July, 2024.
According to Egrag, Bitcoin’s current pattern is replicating a trend from 2017, which he tagged “Cycle B.” Going further, the market expert noted that just like how Cycle B played out, BTC is currently consolidating around the Fib 1.0, which explains the declines, engulfing the crypto market.
In addition, Egrag explained that Cycle B always progresses in five phases of monthly candles, with the fifth being the most explosive and birthing new all-time highs (ATH). Stressing further, he confidently asserted that BTC is showing four monthly candles, consolidating around the coin’s previous $69K ATH.
Egrag concluded his analysis by stating that June will see BTC testing price levels around the FIB 1.0, paving the way for the market boom in July that will orchestrate BTC’s path to $173K, around the Fib 1.618.
#BTC Next Target – $173K:
I’ve mentioned many times before that this cycle pattern is mirroring the 2017 Cycle (Cycle B) 📈. Right now, #BTC is just consolidating around Fib 1.0, just like it did in Cycle B.
In Cycle B, we had 4 monthly candles followed by an explosive fifth… pic.twitter.com/FQ54P1B5RJ
— EGRAG CRYPTO (@egragcrypto) June 11, 2024
BTC’s Market Data Indicating Investors’ Interest With Trading Volume Surge
According to the popular cryptocurrencies’ tracker platform, CoinGecko BTC is changing hands at about $66,200, reflecting a 5.2% decline from the previous day. Remarkably, despite the declines, the coin boasts a significant portion of the entire crypto market valuation at approximately $1.32 trillion.
Amid the blood bath, Bitcoin’s investors’ interest appears to be appreciating, evidenced by its 24-hour trading volume, which recorded about 108.42% spike, valued at roughly $34.05 billion.
BTC’s Current Price Falls Below Top Analysts Support Marks
Notedly, Bitcoin’s current selling price implies the coin has fallen below the $67,350 lower support limit estimated by Ali Martinez in a previous news article,
Meanwhile, in a different news publication, another renowned Expert Analyst, Michael Van de Poppe, speculated support levels between $66,000 and $67,000 for BTC, adding that falling below the projected marks will see the token’s value drop to around $60,000.
Considering the expert insights from these two market analysts, it becomes relatively safe to say that Bitcoin could be in for a rough market phase, testing holders’ patience and eventually differentiating shrewd traders from amateurs.
Evaluating BTC’s Path To $173K Relative To The Coin’s Current Price
Bitcoin at $173K from the token’s present $66,200 selling price would imply a significant surge of about 161.3%, which does not appear far-fetched, considering that the crypto asset appreciated by over 156.36% in 2023 alone.
Impressively, the coin recorded an increment of about 68.06% in only the first quarter (Q1) of 2024, underscoring why a 161.3% decline seems relatively feasible. On the other hand, the timeline for the price increment coincided with the beginning of Q3, which Ali Martinez had predicted could be clouded with further declines. Hence, Egrag’s assertion is quite a tricky analysis to accept. Nevertheless, it remains a possibility and should not be underrated.
Learn More
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Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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