Could Bitcoin Reach $175K? Analyst Claims Moon Journey Is ‘Rock-Solid!’

Bitcoin (BTC) remains stable around the $103,000 mark, yet this tranquility may be a precursor to impending market fluctuations.

With decreasing volatility and an unresolved CME gap hovering at $91,970, analysts are debating whether BTC is on course for a rise to $175,000 or if it is bracing for a deceptive downturn.

Optimistic Outlook: $175K in Sight?

Analyst Egrag Crypto is expressing strong confidence. Recently, he declared on a social platform that projecting Bitcoin to reach $175,000 is “as solid as a rock.” He refers to this price target as BTC’s “cycle peak,” indicating a correlation with previous EMA breakouts and a tenfold surge from the $20,000 threshold seen in 2017.

The trader emphasized that Bitcoin has historically surged significantly upon closing above the 21-week EMA. He detailed past movements: a 60% increase for the first bump, a 170% surge for the second, and a 75% rise for the third. Averaging these gives a 101% increase, which Egrag applied to the momentum observed after April 21 to reach the $175,000 forecast. “Men lie, women lie, but numbers are truthful,” he remarked.

Conversely, not everyone is optimistic. Investor Daan Crypto Trades warned of a current state of stagnation, observing that Bitcoin is confined to a narrow range between $101,000 and $105,000. “Expect limited action from Bitcoin for the time being,” he noted, pointing to low liquidity over the weekend and a potential breakout that may unfold.

Bearish Concerns

Meanwhile, an unresolved CME gap between $91,970 and $92,520 adds an unexpected complication. Certain traders speculate that Bitcoin may need to return to this area before any significant advance can occur.

“For Bitcoin to close this gap, it would require a drop of approximately 12% from the current price,” Egrag Crypto stated. Nonetheless, he predicted a more probable scenario of a rise toward the $130,000 to $140,000 Fibonacci levels before a potential 33% correction, ultimately followed by a push to reach his anticipated $175,000.

At present, Bitcoin sits 4.9% below its all-time high achieved in January. Its latest price reflects a minor 0.4% decline over the last week, though it has outperformed the broader cryptocurrency market, which saw a 1.6% dip in the same timeframe.

The next critical move ahead is pivotal: will the leading cryptocurrency surge to $175,000 as some bullish advocates suggest, or will the CME gap prove to be a drag on its progress?