Market analyst EGRAG Crypto has forecasted a bullish trajectory for Bitcoin, suggesting that the cryptocurrency could reach $175,000 as a preliminary step before potentially hitting a cycle peak of $400,000. This prediction is based on historical 3-month channel formations that have consistently led to breakouts at the end of each cycle. Supporting this outlook, on-chain data from Glassnode indicates that over 95% of Bitcoin's circulating supply is currently in profit, suggesting the market is in a 'euphoria phase.' This data aligns with the analyst's optimistic view of Bitcoin's future price movements.