Crypto analyst Gert van Lagen has set a bold target for Bitcoin’s price in the current bull cycle, despite the market experiencing a period of consolidation with minimal price movement.
HesuggeststhatBitcoinis gearing up for a significant surge, backed by two key chart patterns: the bullish megaphone and a parabolic step-like structure.
The megaphone pattern, also known as a broadening wedge, signals heightened volatility, with price forming higher highs and lower lows. Van Lagen believes Bitcoin has already broken out from this pattern and spent the last three months retesting the upper boundary as support. This, he claims, points to an imminent rally. Additionally, Bitcoin’s historical price behavior follows a parabolic step-like structure, where it forms bases at progressively higher levels. With Bitcoin having moved beyond the final base, van Lagen predicts a strong price surge could push Bitcoin to between $270,000 and $300,000 before the current bull cycle ends.
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Currently, Bitcoin is trading just above $97,500, down slightly over the last 24 hours but with a positive weekly trend. Market sentiment remains neutral, and short-term projections from Coincodex suggest BTC could hit $107,605 in five days, with longer-term targets reaching upwards of $170,000.
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