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.
He suggests that Bitcoin is 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.
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.
Bitcoin may be entering a typical summer correction phase, according to a July 25 report by crypto financial services firm Matrixport.
Bitcoin has dropped sharply to test its local range low near $115,000, with analysts pointing to renewed whale activity and long-dormant supply movements as key contributors to the decline.
Bitcoin has reached a critical milestone in its programmed supply timeline—only 5.25% of the total BTC that will ever exist remains to be mined.
Strategy the company formerly known as MicroStrategy, has announced the pricing of a new $2.47 billion capital raise through its initial public offering of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC).