Bitcoin Predicted to Rally Towards $175,000 by September

A renowned market analyst has offered a compelling outlook for Bitcoin’s future, hinting at a significant price surge by the end of the summer.

Bitcoin (BTC) To Take Off In June? Analyst Locks Target At $175,000

Since hitting a new all-time high in January, Bitcoin (BTC) has struggled to establish a bullish trend, resulting in a downtrend that has lasted over the last two months. Prominent market analyst Egrag Crypto predicts that Bitcoin could remain in correction for the next few months before launching a price rally. The analyst notes that Bitcoin’s 231-day cycle hints at a $175,000 target by September. Following an initial price decline in February, Egrag Crypto postulated that Bitcoin could experience a price correction due to a CME gap before experiencing a price bounce. However, the lack of strong bullish convictions over the past weeks has led to the conclusion that the premier cryptocurrency is stuck in a potentially long corrective phase.

Bitcoin’s Downward Pressure Continues, But Drop Seen as Buy Signal

After a sharp dip to $81,254, Bitcoin is capturing attention again as signs of a rebound emerge. The bounce from this level has given investors hope that the worst may be over. While under intense selling pressure, Bitcoin’s ability to hold firm at this support zone has raised speculation about a recovery phase. Market participants are cautiously optimistic as BTC tests key resistance areas. Bitcoin’s resilience at $81,254 is seen as a positive signal, potentially attracting renewed buying interest.

Bitcoin Dominance Hits 63% – Time to Rethink Altcoin Strategy?

Bitcoin dominance has started to show signs of exhaustion after breaching the 63% resistance level. The Relative Strength Index (RSI) is deeply overbought, suggesting a corrective retracement, while the MACD bearish crossover signals a momentum shift. Historically, such technical conditions have preceded capital rotations into risk-on assets, hinting at a potential altcoin resurgence if Bitcoin dominance begins to unwind.

Bitcoin Price Potential and Resistance

It’s been a month since Bitcoin lost the $90,000 level, falling to $77,000. The cryptocurrency has struggled to recover, hovering between $82,000 and $87,000. Currently, Bitcoin is around $83,000, showing a 1% decline in the past 24 hours. Data from CoinGecko indicates BTC’s value has barely changed in the past week. Crypto analyst Ali Martinez predicts a 15% increase in Bitcoin’s price based on technical analysis.

Bitcoin ‘Sales Pressure’ Building Up

Following the downturn in the United States’ traditional markets, commentary about the crypto bull cycle has increased. The Bitcoin market has remained relatively steady compared to blue-chip stocks in the US equities market over the past few days. However, Bitcoin’s price action disappointed again this weekend, slipping below the $83,000 mark on Saturday, April 5. Crypto analyst Axel Adler Jr. reviewed the Bitcoin price amid turbulent macroeconomic conditions using the Bitcoin Sales Pressure model.