Dutch crypto analyst Gert van Lagen has shared an audacious bullish prediction of Bitcoin for the current bull cycle. This development comes amidst a continuous consolidation in the BTC market marked by no substantial price action in the past day.
Double Bullish Patterns Complete – Time For Launch?
In a recent post on X, van Lagen postulates that Bitcoin may be ready for price massive price surge. This analysis is based on two chart patterns namely the bullish megaphone pattern and parabolic step-like formation.
The bullish megaphone also known as the broadening wedge is formed when price action creates higher highs and lower lows over a long time widening like a megaphone.
This chart pattern typically signals high volatility and is followed by a final breakout to the upside after prolonged accumulation. According to van Lagen, Bitcoin has now broken out of this chart pattern and has spent the last three months retesting its upper boundary as a support zone, thus confirming its validity and indicating an incoming price rally.
A similar positive signal is in seen the parabolic step-like formation which references Bitcoin’s historical bull market structure where price moves in stages, forming a base (support) at each stage.
Base 1 forms after a price surge following a bear market accumulation. Base 2 forms at a high level after a breakout from Base 1, followed by Base 3 which represents another key accumulation zone at a higher price range. Base 4 represents the final stage before Bitcoin enters a parabolic new price discovery phase.
Gert van Lagen states the premier cryptocurrency has long moved beyond Base 4 coinciding with the completion of the bullish megaphone pattern. The analyst postulates BTC is gathering momentum for a massive surge to $270,000 – $300,000 which may represent the price peak of the current bull cycle.
BTC Price Outlook
At press time, Bitcoin is valued at $97,501 following a 0.38% decline in the last 24 hours. The cryptocurrency is up by 1.14% on its weekly chart; however, it retains a monthly loss of 2.42%. According to data from Coincodex, the Fear & Greed Index is currently at 50 indicating a neutral market sentiment and uncertainty among investors.
For short-term targets, the analysts at Coincodex predict a Bitcoin price of $107,605 in the next five days and $130,902 in one month. On the other hand, their long-term price targets include $158,696 in three months and $174,820 in six months.
Featured image from iStock, chart from Tradingview
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