Prominent crypto analyst “EGRAG CRYPTO” is the latest to try to answer the question of where the Bitcoin top could be.
Since Bitcoin first surged over the $100,000 price point in December 2024, the key question on the mind of most investors has been whether the asset still has room for more upside and, if so, where it could go. Yet another analyst has lent their voice to this debate.
Likely Bitcoin Top Based on Fibs and MAs
Prominent crypto analyst “EGRAG CRYPTO” is the latest to try to answer the question of where the Bitcoin top could be.
According to the analyst, the leading digital asset is likely to top out between the $170,000 to $200,000 price range, with a highly bullish case seeing the asset top out between the $250,000 to $350,000 price range.
EGRAG CRYPTO arrives at these targets using several indicators. These indicators include Fibonacci retracements, Fibonacci arcs, Fibonacci circles, and the 10-period moving average, which he expects price tends to respect on the monthly time frame.
Fibonacci retracements, Fibonacci arcs, and Fibonacci circles are indicators based on the enigmatic Fibonacci sequence used to predict levels where prices could bounce or reject depending on the trend. Moving averages, on the other hand, help traders identify the market trend by taking the average closing price for a given number of periods.
According to EGRAG CRYPTO, the closely watched 1.618 Fibonacci level and the 1.888 Fib Circle point to $171,000 and $170,000, respectively, as the possible cycle top. The analyst also gets the same reading with the Fibonacci arc.
The analyst measures the price difference between cycle tops and their last touch of the 10-period MA on the monthly chart to obtain the blow-off top scenario. In the first cycle, the asset enjoyed a further 460% rally after bouncing off the 10 MA; in the second cycle, it was 1,000%, and in the last cycle, this upside amounted to 500%.
Taking the current last touch of the 10 MA with a 460% increase, EGRAG CRYPTO predicts a maximum blow-off top price of $365,000.
At the time of writing, Bitcoin continues to trade just shy of the $100,000 price point at around $98,500, presenting at least 73% upside potential in the analyst’s base case and an over 255% upside in the best case.
