Dutch crypto expert Gert van Lagen has made a bold prediction about Bitcoin’s potential in the current bull cycle. This insight arrives as Bitcoin’s market remains mostly stagnant, with little in the way of significant price movements recently.
Double Bullish Patterns: Ready for Liftoff?
Recently, van Lagen took to social media, suggesting that Bitcoin could be on the brink of a substantial price increase. His analysis centers around two key chart patterns: the bullish megaphone and the parabolic step formation.
The bullish megaphone, or broadening wedge, becomes evident when the price draws a series of higher highs and lower lows over time, expanding outward much like a megaphone.
Typically, this pattern indicates heightened volatility, leading to an eventual breakout after a period of accumulation. Van Lagen notes that Bitcoin has already broken through this pattern and spent the recent months using its upper boundary as support. This move further validates the pattern and hints at a likely upward rally.
A similar optimistic outlook comes from the parabolic step formation, reflecting Bitcoin’s past bull runs where it climbs through distinct stages, establishing support at each level.
In this sequence, the first base forms following a surge after a bear market. Base 2 emerges at a higher level post-base 1 breakout, followed by base 3 in another accumulation zone. Base 4 is the last step before Bitcoin embarks on a new high.
Van Lagen suggests that Bitcoin has surpassed Base 4, indicating that along with the megaphone pattern, Bitcoin is building momentum for a surge potentially reaching $270,000 to $300,000, marking this cycle’s zenith.
BTC Price Outlook
As of now, Bitcoin is trading at $97,501, marking a slight 0.38% drop in the last day. While it shows a 1.14% gain over the past week, it still holds a monthly decrease of 2.42%. Coincodex data reveals the Fear & Greed Index at a neutral 50, reflecting market uncertainty.
Looking ahead, Coincodex analysts foresee Bitcoin hitting $107,605 in five days, and $130,902 in a month. Longer-term projections place Bitcoin at $158,696 in three months and $174,820 in six months.
Featured image sourced from iStock; trading chart details from Tradingview.
