Bitcoin was trading just over $121,000 Wednesday. It held onto its gains following a decline from the recent high of $126,000. Analyst Egrag crypto says that a slight market movement could lead to a larger rally. This pattern has been repeated in previous cycles.
Read Related Articles
Breakouts on the Historic Channel
Egrag bases his view on a look back at three months of price channels, which he says have been a precursor to major rallies. Based on reports, similar channel breakouts were visible before the 2013 surge to about $1,163, the 2017 rise past $19,000, and the 2020–2021 rally that pushed prices above $69,000.
The current channel was formed in April of 2022. “blip” Bitcoin may reach $175,000 if it continues to rise. This target would need a roughly 43% increase from $122,620. The price has fluctuated between $122,620 and $125,000 in the last week.
#BTC – $175K Is Just a Blip:
When we examine the history of #BTC We can clearly see channel formation on a timeframe of 3 months. Over the last 3 cycles, we have consistently seen an end to these channels. While diminishing returns are evident, they are… pic.twitter.com/TabFoVlXBT
— EGRAG CRYPTO (@egragcrypto) October 8, 2025
Beware of Targets and Risks
Egrag presented a variety of potential outcomes. His primary goal was $175,000 The midpoint was suggested to be near $250,000. And the upper end, around $400,000. These are high numbers. The numbers presented are not promises for immediate actions, but part of a long-term plan.
The analyst compared his Bitcoin call to a past gold forecast—he set a $3,500 target for gold that later saw prices near $4,000—using that as a reference for his forecasting approach.
On-chain data also offer mixed results. Glassnode, a blockchain analytics company reported The recent Bitcoin rally has resulted in a 97% profit on the Bitcoin supply.
This high realized profit level suggests that many investors are sitting above their original purchase price. According to some analysts, elevated profits are a sign of a possible pause in the market so that investors can make gains.
Read Related Articles
Other analysts point out crowded markets and increasing leverage as indicators that volatility may increase in the short term. There have been reports that express concern about what is called a “Suckers Rally,” A spike in price that tempts buyers who are late and then drops.
Market Behavior and Investor Movements
In many wallets, accumulation is visible. Investors have re-allocated profits rather than sell out. According to reports this can show a planned rotation of capital, rather than an uncontrolled panic selling.
Chart from TradingView, image by Pixabay
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
