Bitcoin is under pressure after a rejection at $85,000 on Wednesday and is fighting for the crucial $80,000 support level. Two popular crypto analysts on X, Ted Pillows and EGRAG CRYPTO, argue that even another substantial pullback could still fit within a much larger bullish structure.
A 2022-Style Fractal
Pillows said bitcoin is closely following the pattern that emerged after its November 2022 cycle bottom. He pointed to the summer consolidation, the rally in late August and September, and the latest correction from $87,000 to $80,000 as having unfolded in a similar manner so far.
He is now focused on the 16th week after the 2022 bottom, when the asset suffered a sudden decline amid the US banking crisis. Pillows noted that bitcoin is approaching the equivalent point in the current fractal. If history continues to rhyme, he believes bitcoin could face another sharp correction, potentially bottoming around $74,000-$75,000 in a worst-case scenario.
Pillows does not see such a move as the start of another prolonged collapse. Instead, his roadmap calls for a reversal from that region followed by a recovery toward $90,000. The source article noted that his call coincided with a warning from Peter Schiff over the weekend that was dismissed by most analysts at the time.
Key Levels to Watch
EGRAG CRYPTO remains bullish on bitcoin, pointing to a recurring pattern on its daily chart in which periods of consolidation have repeatedly been followed by explosive upside moves. He believes a third version of the same setup may now be developing while bitcoin consolidates around its bull-market support band.
EGRAG argued that even a retracement toward the same range mentioned by Pillows would not automatically invalidate the bullish structure. On the upside, he said a surge past $82,900 followed by the more important $86,000-$87,000 area would confirm that a breakout rally has begun. Above that, his major targets sit at $98,400 and up to $114,900.
