Analyst who called for 'XRP $700' evaluates Bitcoin as a 'healthy reset'... "Time is the cure"

▲ Bitcoin (BTC)

Investor anxiety is growing due to the price correction of Bitcoin (BTC). Analyst Egrag Crypto, who previously predicted XRP reaching $700, has spoken out. He diagnosed the current situation as a "healthy market readjustment phase." This analysis is contributing to the restoration of market confidence.

According to U.Today, a virtual asset media outlet, on April 29 (local time), Egrag Crypto evaluated Bitcoin's trend positively. He viewed this correction as an essential process for maintaining the bull cycle. He cited past price trends and Fibonacci indicators as evidence. The current decline is a critical period for shedding bubbles. He explained it as a process of energy condensation for further upside. Egrag Crypto urged, "Give the market a little time."

Egrag Crypto gained attention for his $700 price prediction for XRP. He believes Bitcoin will not be swayed by short-term volatility. It is expected to surpass its all-time high once technical support levels are secured. The current fear sentiment could actually be an opportunity. He analyzed it as the optimal buying point for smart money.

The current virtual asset market is struggling due to a surge in international oil prices. Bitcoin has fallen below the $77,000 mark. However, Egrag Crypto explained that the long-term upward trajectory remains unchanged. He repeatedly urged investors to be patient. He added, "Only by enduring this correction can you enjoy the rewards to come."

Technically, Bitcoin has now exited the overbought zone. This is a factor that will strengthen future price downside rigidity. Egrag Crypto identified breaking the $80,000 resistance level as a key turning point. If successful, there is a high probability of a concomitant rally across the entire altcoin market. Investors are closely monitoring real-time trends to catch rebound signals.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*