Recently, a big shot has set his sights on Bitcoin, believing it will rise significantly next, depending on whether it can bounce off the 21-day moving average (a short-term trend indicator).

Last week, Bitcoin's price fluctuated between $94,000 and $95,000, quite stable. But looking at it now, it has still dropped 5.31% from last week, with a price of $94,173. Although Bitcoin's market capitalization is still $1.864 trillion, investors have started to take a closer look at other cryptocurrencies.

Just when everyone was quite calm, analyst Egrag jumped in to say that he took a look at Bitcoin's current position and how it might move in the future. He found that Bitcoin often bounces off the 21-day moving average, so this time it might also.

Egrag mentioned that if Bitcoin wants to continue rising, it needs to break through the levels of $103,000, $106,400, and $108,500. Especially, if one day the closing price exceeds $108,500, then Bitcoin would be completely bullish.

Although his trend is still downward, I believe many people still have faith in it.