Egrag Crypto, a prominent market analyst, recently reiterated his positive outlook for Bitcoin, predicting a new all-time high of $173,000.

He draws parallels with previous market cycles, emphasizing the significance of Bitcoin’s performance around the Fib 1.0 level, which has historically been a critical indicator for price movements.

According to the analysis, previous cycles saw Bitcoin reaching new ATHs 151 to 365 days after confirming a monthly close above this level. If Bitcoin follows a similar pattern, the analyst forecasts a new peak could be reached as early as March 2025 or as late as October of the same year.

Egrag suggests that the latter months of 2024, notably October, could see an upward movement, setting the stage for significant gains in 2025.

Bitcoin Recovery Losing Steam

Notably, the ongoing Bitcoin price recovery, in which it climbed steadily over the past few days, is stalling. BTC has maintained a stable price of around $58,000 over the past 24 hours.

While the market shows signs of consolidation, experts remain optimistic about Bitcoin’s future. This pause comes amid fluctuating on-chain activity and declining investor engagement, reflecting mixed trends in the crypto space.

Technical Data Calling for $31K Retest For Bitcoin

While forecasts point to future price gains, current technical data presents a more cautious picture. Bitcoin has been trading below its 200-day SMA for over a month, leading some analysts to predict a potential price correction.

Recent data shows Bitcoin could drop toward a price of $31,500, a key support level historically seen during bearish trends. Such a drop would significantly affect market participants, potentially leading to losses exceeding 45%.

In parallel, on-chain activity related to exchanges has seen a noticeable decline, indicating waning interest among investors. Exchange volume has fluctuated over the past year, but the recent downward trend in trading activity suggests reduced engagement, which may impact Bitcoin’s short-term performance.

BlackRock’s Fuels Optimism

Regardless of the bearish calls, BlackRock, a global asset management firm, recently underscored Bitcoin’s potential as a hedge against global financial instability.

The company described Bitcoin as a “global monetary alternative” that could offer protection during times of geopolitical uncertainty. BlackRock’s remarks have reignited investor confidence, prompting industry experts to revise their price targets for Bitcoin.