Bitcoin Analyst Still Keen on $173k as BTC Price Target Despite Incoming Volatility: Here’s Why
EGRAG Crypto, a prominent crypto analyst, has shared their insights on the current Bitcoin (BTC) price trend, drawing comparisons to the 2017 cycle pattern. According to the analyst, the present cycle is closely mirroring the 2017 cycle, referred to as Cycle B.
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Consolidation Around Fibonacci 1.0
The analyst points out that Bitcoin is currently consolidating around the Fibonacci 1.0 level, similar to its behavior during Cycle B. In the 2017 cycle, BTC exhibited four monthly candles of consolidation around the previous all-time high (ATH), followed by an explosive fifth candle.
Based on the current pattern, EGRAG Crypto anticipates that Bitcoin will continue to linger around the Fibonacci 1.0 level throughout June. However, they predict that July will be an explosive month for the cryptocurrency, potentially leading to major price gains.
By the end of the current cycle, the analyst foresees Bitcoin reaching a price of approximately $173,000. This target is based on the Fibonacci 1.618 level, which has historically served as a key resistance level for the cryptocurrency.
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Show more +Bitcoin’s Reaction to FOMC and CPI Data
Benjamin Cowen, another respected crypto analyst, has shared an observation regarding Bitcoin’s price action in relation to the upcoming Federal Open Market Committee (FOMC) meeting and Consumer Price Index (CPI) data release.
Cowen highlights that the last two FOMC meetings coincided with local bottoms for Bitcoin on the day of the meeting. This suggests that the cryptocurrency has historically found support and begun to recover following these key events.
Regarding CPI data, the analyst notes that two out of the last three CPI releases have been near local tops for Bitcoin. This implies that the cryptocurrency has often experienced price corrections or consolidations following the release of inflation data.
With both the FOMC meeting and CPI data set to be released today, Cowen anticipates an exciting day for Bitcoin. The cryptocurrency’s reaction to these events will be closely watched by market participants, as they could provide insight into the short-term direction of the market.
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