Bitcoin Could Hit $175K, Analyst Says, Citing Fibonacci and Cycle Indicators

Analysts forecast Bitcoin may reach $175K using Fibonacci and long-term cycle analysis. Bitcoin futures open interest at $70.89B signals heavy leverage and elevated volatility risk. Bitcoin may hit $175K if it breaks through $120K, but risks a correction down to $34K. Bitcoin traded at $104,678 after posting an intraday high of $105.997 at press time. Despite its steady hold above the six-figure mark for nearly a month, a growing number of long-term holders are taking profits. Technical analyst EGRAG CRYPTO has released a chart predicting a cycle top at $175,231 and a retracement low near $34,000, raising questions about how the market will react in the months ahead. EGRAG’s Chart Forecasts $175K Bitcoin Top Then $34K Bottom The forecast provided by EGRAG uses long-term Fibonacci extensions, moving averages, and market cycle durations. According to the analysis, the 1.618 Fibonacci extension, at $175,231, is expected to be the highest point of the Bitcoin cycle. Previous peaks, notably in 2017 and 2021, aligned with these Fibonacci signals. Furthermore, the initial resistance levels are recognized at $103,225 and $120,239 before the concluding rally phas… The post Bitcoin Could Hit $175K, Analyst Says, Citing Fibonacci and Cycle Indicators appeared first on Coin Edition .

Source: Coin Edition