Market analyst Egrag Crypto has caught the attention of investors with his latest Bitcoin price forecast following the emergence of an encouraging chart pattern. Bitcoin now trades above $84,000 after a slight rebound last week. Still, the continuation of this bullish trend hinges on maintaining an upward momentum.
### Bitcoin’s Bullish Chart Pattern Suggests Potential Price Hike
In a post dated March 14, Egrag Crypto suggests that Bitcoin might be gearing up for a significant price jump. His technical analysis reveals a Cup and Handle pattern, a classic bullish indicator suggesting that Bitcoin could soon see a substantial rise.
For those unfamiliar, the Cup and Handle pattern is a bullish chart formation seen when an asset forms a rounded bottom (the cup) followed by a brief consolidation (the handle), leading to a breakout to higher levels. This pattern is clearly visible in Bitcoin’s weekly chart over the past two years.
Egrag Crypto believes Bitcoin is on the brink of breaking out, with several price targets. Using a non-logarithmic approach, he forecasts a conservative price peak at $113,000. Meanwhile, a logarithmic scale, which takes into account historical exponential gains, suggests a target of $260,000.
By averaging these approaches, Egrag Crypto has set a personal target of $186,000. Additionally, he estimates a potential peak at $175,000, highlighted by the Fibonacci extension level of 1.618, a metric historically seen as a reliable indicator of market cycle tops. Nevertheless, for this bullish scenario to unfold, Bitcoin must first see a pullback to around $65,000.
### Bitcoin Network Fees Decrease by 24%
In other developments, IntoTheBlock reports a 24.4% decrease in Bitcoin network fees, now standing at $2.5 million, a level not seen since September 2024. Despite significant market fluctuations that caused Bitcoin’s price to drop to $77,000 before rebounding back above $85,000, this drop in fees is notable.
Amid Bitcoin’s broader market challenges, IntoTheBlock also highlights an increase in exchange inflows by $840 million, indicating waning market confidence as more investors opt to liquidate their holdings.
At the time of writing, Bitcoin is valued at $84,545, marking a 3.12% increase over the past day. Nonetheless, losses of 1.76% over the past week and 13.11% over the past month underline the prevailing bearish sentiment in recent trading weeks.
