Bitcoin Needs Only A Minor Push To Reach $175K: Analyst

Bitcoin traded just above $121,000 on Wednesday, holding onto gains after a drop from a recent peak above $126,000. According to analyst Egrag Crypto, a small market move could trigger a much larger rally, building on a pattern he says has repeated across past cycles. Related Reading: XRP Fear Index Spikes To 6-Month High, And That Could Spark Its Next Breakout Historic Channel Breakouts Egrag’s view is based on a three-month look at price channels that, he argues, have preceded major rallies. Based on reports, similar channel breakouts were visible before the 2013 surge to about $1,163, the 2017 rise past $19,000, and the 2020–2021 rally that pushed prices above $69,000 source: https://www.newsbtc.com/bitcoin-news/bitcoin-needs-only-a-minor-push-to-reach-175k-analyst/