Analyst EGRAG CRYPTO today made a significant assessment of Bitcoin‘s trajectory from X. The analyst drew attention to his evaluation for BTC on January 14, 2023, when he had indicated he would take a short position at the 42-48 thousand dollar level. Based on this comment, the analyst revealed his new predictions. Let’s take a look at his statements.
BTC’s Journey from January 2023 to Present
The initial share in January 2023 can be considered a benchmark for future developments in the Bitcoin world. The analyst emphasized that the first target was hit with precision, focusing on an analysis based on chart dynamics, free from emotion.
Since the first target was successfully reached, attention has now shifted to the next stage. EGRAG CRYPTO‘s approach is based on factual observations, particularly emphasizing the importance of the monthly closing formation. This critical point supports a possible pullback scenario for BTC.
Chart Patterns and the Main Validation Point
According to the analyst, careful observers should follow formations like the Shooting Star or Gravestone Doji. The critical validation point is around the $45,000 level. This provides a concrete criterion for evaluating the accuracy of the analysis. A three-stage approach is seen in pullback scenarios.
- Normal Pullback (Fibonacci 0.5 level): This level, between $34,000 and $35,000, offers a pattern consistent with historical cycles.
- Manageable Correction and Critical Level (Fibonacci 0.618 level): This level, between $30,000 and $32,000, gains importance by presenting a manageable pullback scenario within the broader trend.
- Ugly Pullback (Fibonacci 0.786 level): This deep pullback, ranging from $26,000 to $28,000, is characterized as ‘ugly’ and indicates a more significant correction.
Critical Warning and Potential Macro A,B,C Correction
Warning signs could be issued if the monthly close occurs below the $24,800 level. This negative signal could signify a farewell to the bull run. In this scenario, Bitcoin could be on the verge of a macro-level A,B,C correction and potentially fall below the $10,000 level.
In conclusion, EGRAG CRYPTO’s analysis offers a perspective for those with keen observations of BTC‘s complex movements. However, it is also worth noting that the prediction suggests a challenging situation for Bitcoin. It should be mentioned that most analysts who have made bearish predictions are now setting them aside.
