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Bitcoin Stays Strong at $76K While Egrag Eyes $250K Top
As of April 9th, the market is witnessing a remarkable stability in Bitcoin’s price as it holds strong above $67K, with current values sitting at $76,359. This development has fueled speculation about potential future gains, according to renowned analyst Egrag Crypto.
The technical setup maintains its integrity, despite recent dips and swings, due to this pivotal level being maintained. The author notes that a loss of this support would “kiss goodbye the bull run.” In contrast, the current situation indicates sustained market momentum.
Egrag has charted three crucial scenarios for potential price movement. Initially, there’s a possibility of a retracement to $97,000, which is linked to the 0.702 Fibonacci level, stemming from recent highs at $109,000. This would result in an altcoin rally amid capital rotation during Bitcoin consolidation.
The second scenario implies that Bitcoin will surge toward $177,000 based on the 1.618 Fibonacci extension. In this context, Egrag considers this “very reasonable” due to continued cycle momentum. The potential consequence is a significant increase of up to $12.50 in XRP’s value by 2028 as Standard Chartered predicts.
The third and most ambitious possibility involves Bitcoin reaching $250K in the near future. This would further fuel speculation about market participants’ growing confidence in the cryptocurrency sector.
It is essential to note that investors should not rely solely on this data, but rather keep a close eye on current trends and news before making any investment decisions.
Source: https://cryptotale.org/bitcoin-stays-strong-at-76k-while-egrag-eyes-250k-top/
