Dutch crypto analyst Gert van Lagen has shared an ambitious bullish forecast for Bitcoin during the current bull cycle. This announcement comes in the wake of ongoing consolidation in the BTC market, which has been characterized by a lack of significant price movement over the past day.
Double Bullish Patterns Confirmed – Ready for Takeoff?
In a recent update on X, van Lagen suggests that Bitcoin might be on the brink of a substantial price increase. This perspective stems from two chart patterns: the bullish megaphone pattern and a parabolic step-like formation.
The bullish megaphone, also referred to as the broadening wedge, emerges when price action results in higher highs and lower lows over an extended period, creating a shape reminiscent of a megaphone.
This specific chart pattern often indicates heightened volatility and is typically followed by a significant upward breakout after a prolonged accumulation phase. Van Lagen states that Bitcoin has now escaped this chart pattern and has spent the last three months retesting its upper boundary as a support zone, confirming its robustness and signaling a forthcoming price surge.
A similarly optimistic sign is observed in the parabolic step-like formation, which reflects Bitcoin’s historical bull market structure where the price progresses in stages, establishing a base (support) at each step.
Base 1 is established after a price increase following a period of bear market accumulation. Base 2 is formed at a higher level following a breakout from Base 1, succeeded by Base 3, which signifies another critical accumulation zone at an elevated price range. Base 4 denotes the final stage prior to Bitcoin entering a parabolic new price discovery phase.
Gert van Lagen asserts that the leading cryptocurrency has already surpassed Base 4, coinciding with the completion of the bullish megaphone pattern. The analyst predicts BTC is building momentum for a significant surge to between $270,000 and $300,000, which could represent the peak price of the current bull cycle.
BTC Price Forecast
At the time of writing, Bitcoin is trading at $97,501 following a 0.38% drop in the last 24 hours. The cryptocurrency has increased by 1.14% over the past week; however, it has sustained a monthly loss of 2.42%. Data from Coincodex shows that the Fear & Greed Index is currently at 50, indicating a neutral market sentiment and uncertainty among investors.
For short-term forecast, Coincodex analysts anticipate a Bitcoin price of $107,605 within the next five days and $130,902 in one month. Conversely, their long-term price targets include $158,696 in three months and $174,820 in six months.
Featured image from iStock, chart from Tradingview
