The Bitcoin price has surged past its resistance level and is charting a path towards the $320,000 mark, as predicted by a crypto analyst. The market sentiment around Bitcoin has turned decidedly bullish, with the crypto fear and greed index now signaling extreme greed.
In his latest technical analysis, crypto analyst Gert van Lagen identified a bullish trend in Bitcoin’s price chart, highlighting a confirmed breakout of the classic ‘cup-and-handle’ pattern. This formation has set the stage for a bullish Wave 5 run, infusing the market with optimism.
Bitcoin’s recent price movements have been nothing short of remarkable. The cryptocurrency has achieved multiple all-time highs in rapid succession, attracting a flood of new investments. This unrelenting demand has produced a series of bullish candles on both daily and weekly charts, underscoring Bitcoin’s strong upward momentum.
These bullish patterns corroborate van Lagen’s assertion that a sub-wave 5 formation is underway. This particular wave, known for its bullish characteristics, is anticipated to be the final sub-wave in a larger Elliot wave uptrend that began in January 2023.
Technical analysis supports the wave 5 theory, showing that Bitcoin has recently broken out of a cup-and-handle formation—a bullish pattern that has been taking shape since 2022. The ‘cup’ portion started forming in early 2022, culminating in Bitcoin’s peak above $73,700 in March 2024. The subsequent consolidation phase, extending until October, represents the ‘handle’ portion of the pattern.
Moreover, Bitcoin has managed to break free from what van Lagen described as a ‘base 4 step-wise formation,’ effectively dismissing a bear trap. With this confirmed breakout, van Lagen’s analysis projects a target range between $220,000 and $320,000. This range signifies a ‘major sell line,’ where profit-taking might escalate as Bitcoin approaches these upper limits.
Currently, Bitcoin is trading at $89,500, boasting a market cap of $1.77 trillion and an all-time high of $89,864, marking a 10.5% increase in the past 24 hours. However, given the current trend, this all-time high might soon be eclipsed. The bullish sentiment and the influx of investment are so pronounced that investors are uncertain about when to take profits. The RSI is above 70 across all timeframes from daily to yearly, indicating robust buying momentum.
Despite this, the momentum is expected to persist, with immediate targets at $90,000 and $100,000. Reaching Gert van Lagen’s projected range of $220,000 to $320,000 would signify gains of 145% to 255%, respectively, from the current price.
