Bitcoin Price Forecast: Could Surge Past $175K before Plunge to $34K

Bitcoin is currently trading above $104,000, with a recent high of $105,997. Despite some selling pressure from long-term holders, the asset has maintained its position above $100,000 for over a month according to technical analysis by EGRAG CRYPTO. The analyst predicts Bitcoin could reach a peak of $175,231 before experiencing a major correction. This prediction is based on Fibonacci extensions and historical market patterns that suggest peaks in 2017 and 2021.