Bitcoin’s Price Could Skyrocked by Over 470%, According to Analyst

Gert van Lagen, a prominent technical analyst, predicts a substantial price increase for Bitcoin (BTC) in the coming year, projecting a rise of over 472%. In his latest analysis, he describes a step-like formation in Bitcoin’s price action, characterized by consolidations followed by upward movements, akin to a staircase in an upward trend.

$BTC [1W] Step-like formation Update

Bitcoin is forming an ascending broadening wedge at Base 4, which breaks to the upside 79% of the time.

67% of the time it’s a continuation pattern and the trend is up. Target zone ~$300k at sell line. pic.twitter.com/GnCEGKvgUS

— Gert van Lagen (@GertvanLagen) September 23, 2024

Within this framework, van Lagen identifies an ascending broadening wedge at a potential breakout stage. This technical pattern is noteworthy, as historical data suggests that it breaks to the upside 79% of the time, with a 67% likelihood of continuing the preceding trend.

Based on his analysis, van Lagen sets an ambitious target of $300,000 per BTC, indicating a 472.44% increase from current levels, reflecting his optimistic outlook on cryptocurrency growth.

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Is a Bitcoin Breakout Imminent? Analyst Points to Historical Patterns

Currently, Bitcoin’s price has been fluctuating around $63,500 for the last four days, which aligns with the 200-day simple moving average—a significant technical indicator that has proven to be a challenging resistance level. As Bitcoin continues to face difficulty in surpassing this average, traders should remain vigilant for potential breakout signals from both this range and the wedge pattern, as these developments could lead to significant price movements.

Deyan Angelov

Active crypto trader who also follows news related to stocks, the S&P 500, and gold. Deyan enjoys staying physically active, trains regularly, and practices calisthenics. He also likes reading sci-fi books when he has the time.