A prominent market analyst has released an updated price outlook for Bitcoin, analyzing current trends and the timeline for the asset to rise 66% to a new ATH.
Bitcoin recently posted its first red weekly close in eight weeks, as bullish momentum temporarily lost steam last week. The premier crypto asset’s parabolic expansion dates back to early April, when it rebounded from a November low of $74,508, surging 50.3% from the low to its all-time high of $111,980.
However, bears won last week, as Bitcoin corrected 3% from its opening price of $109,004. Nonetheless, bulls have shown aggression in the past two days, spurring consecutive uptrend days, with a combined 1.58% rebound.
Analyst Shares What’s Next
Market expert Egrag Crypto shared an update on Bitcoin’s recent price action and future trajectory in a June 1 X post. He predicted the asset’s short-term possible price development and the timeline for it to rally to $175,000, a 66% increase from the current price of $105,308.
For context, an accompanying chart shows that Bitcoin has been in a corrective phase since its December peak of $108,353. Despite its January rally to $109,588, the asset showed weakness, dumping to its April low.
Bitcoin Analysis/Egrag
Essentially, Bitcoin remains within the area Egrag identified as the “corrective” range, and he has highlighted its next course of action. The watcher predicted an ABC correction for BTC, potentially pushing prices below $100,000.
However, he noted it would be a struggle below the price mark with bullish momentum following the dump. From there, the analyst predicts a rally to finally break free from the corrective block and reach either his lower or upper boundary target.
Furthermore, he highlighted another catalyst for his projected rally in a parallel tweet. Egrag identified a possible crossover on the monthly Stochastic Relative Strength Index (RSI), an event with the history of sparking a massive Bitcoin rally.
The market watcher noted that the last two crossovers in the timeframe, seen in 2013 and 2021, were accompanied by a sharp Bitcoin surge and suggested that history may repeat.
Possible Stochastic RSI Crossover | Egrag
Target and Timeline
Egrag shared that Bitcoin would rally to a price range between $145,000 and $175,000. Remarkably, both are unprecedented prices for the crypto leader, culminating in 37% and 66% growth from the current market price.
Interestingly, he insisted that Bitcoin would reach the upper boundary of his target, specifically setting September as the timeline for the 66% rally. Furthermore, he encouraged profit-taking as the asset would correct extensively in 2026.
Meanwhile, the target aligns with predictions from Robert Kiyosaki, who forecasts that BTC would trend between $175,000 and $350,000 this year, with a particular focus on $200,000. Asset manager VanEck predicts a slightly higher price at $180,000.
Bitcoin trades at $105,308 at the time of writing.
