Crypto analyst Gert van Lagen has established an ambitious price target for Bitcoin in the ongoing bull cycle, even as the market undergoes a consolidation phase with limited price fluctuations.
He believes that Bitcoin is poised for a notable uptick, supported by two significant chart formations: the bullish megaphone and a parabolic step-like configuration.
The megaphone pattern, commonly referred to as a broadening wedge, indicates increased volatility, with prices creating higher highs and lower lows. Van Lagen asserts that Bitcoin has emerged from this pattern and has spent the previous three months testing the upper boundary as support. He contends that this indicates a forthcoming rally.
Moreover, Bitcoin’s past price movements exhibit a parabolic step-like pattern, where it establishes bases at increasing levels. Given that Bitcoin has surpassed the last base, van Lagen forecasts a substantial price increase that could propel Bitcoin to a range of $270,000 to $300,000 prior to the conclusion of the current bull cycle.
At present, Bitcoin is trading slightly above $97,500, experiencing a minor drop in the past 24 hours but maintaining a positive weekly trajectory. Overall market sentiment is neutral, and short-term predictions from Coincodex indicate that BTC might reach $107,605 within five days, with longer-term targets exceeding $170,000.
