Crypto analyst Egrag Crypto has renewed his ultra-bullish outlook on Bitcoin (BTC), confidently predicting a surge to $175,000. In a recent post on X, Egrag described the target as “solid as a rock,” citing historical price behavior and exponential moving average (EMA) breakouts as the basis for his forecast.
Why $175K? The Analyst’s Logic
Egrag points to Bitcoin’s past performance following closures above the 21-week EMA—a level often considered a key bullish signal. According to his analysis, Bitcoin has previously posted gains of:
- 60% in one rally
- 170% in another
- 75% in a third instance
Averaging these gains, he sees a 101% potential move from the recent breakout, which would place Bitcoin’s cycle top around $175,000. He also aligns this target with a 10X multiple from the $20K peak in 2017, emphasizing cyclical patterns in BTC’s price history.
“Men lie, women lie, numbers don’t,” Egrag wrote, underscoring his conviction in the data-driven forecast.
Market Conditions Remain Mixed
Despite the bold projection, not all analysts are on board. Trader Daan Crypto Trades highlighted ongoing low volatility and a tight range between $101,000 and $105,000, noting that Bitcoin appears stuck for now. He attributed the sluggish movement to weekend illiquidity and suggested that a major breakout may still be on the horizon—but not imminent.
Bearish Signals: The CME Gap
Another concern weighing on sentiment is an unfilled CME futures gap between $91,970 and $92,520. Some traders argue that Bitcoin could revisit this range before mounting a sustainable rally.
Egrag acknowledged this possibility but remained bullish. He suggested that a run through the $130,000–$140,000 Fibonacci zones is more likely, followed by a potential 33% correction—and then the final leg up to his $175K target.
What’s Next?
At the time of writing, Bitcoin is trading just 4.9% below its all-time high from January. Though down 0.4% over the past week, it has outperformed the broader crypto market, which fell by 1.6% in the same timeframe.
As BTC holds firm near key levels, market watchers remain divided: Will Bitcoin blast off to $175,000, or is a pullback to close the CME gap still in play?
