Analyst Predicts ‘The Final Ascent’ For Bitcoin Price, Why A Rise To $300,000 Is Possible From Here

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As a seasoned researcher with over two decades of experience in the financial markets, I find myself intrigued by the latest predictions for Bitcoin’s price. Having witnessed numerous bull and bear markets across various asset classes, I must admit that the prospect of Bitcoin reaching $300,000 is an exciting one.

The Bitcoin price is currently showing a bullish trend, as the Crypto Fear and Greed Index has transitioned from fear to greed. This change suggests increasing investor confidence and optimism within the cryptocurrency market. For numerous investors, this renewed optimism provides a robust base for further increases in Bitcoin’s value.

Based on the analysis of a cryptocurrency expert, it appears that Bitcoin could reach a peak of approximately $300,000. This prediction isn’t solely driven by the present optimistic market mood, but rather by the expert’s detailed examination of Bitcoin’s current pricing trends and movements.

Final Ascent For Bitcoin Price

Crypto expert Gert van Lagen recently posted on social media platform X his fascinating perspective about Bitcoin’s price movement in 2021, considering the impact of the U.S. presidential elections. Van Lagen emphasized that Bitcoin is projected to hit $250,000 by year-end according to his insightful forecast.

His outlook came through a funny poem and a play of words on the Bitcoin price action from August, which he titled “#Bitcoin – The Final Ascent.” The analyst also shared a BTC price chart with technical analysis. 

At the core of van Lagen’s examination lies an in-depth study of the cup and handle formation observed in Bitcoin’s price graph since the 2022 bear market. According to his interpretation, the ‘cup’ section of this pattern started shaping up in early 2022, eventually culminating in Bitcoin breaking through its 2021 all-time high in March 2024. The period of consolidation that followed until October is believed to represent the ‘handle’ segment of the pattern.

Due to recent surges, Bitcoin has reached new record highs, breaking free from the neck of a prolonged cup and handle pattern. This suggests that according to van Lagen, we might be witnessing the early stages of an anticipated significant rise, or ‘the final climb.’

What’s Next For Bitcoin?

The “cup and handle” chart formation is frequently interpreted as a positive sign for future price increases. When an asset breaks out of this pattern, it usually suggests that the asset may soon undergo a significant rise in value.

According to Gert van Lagen’s analysis, if Bitcoin follows the “cup and handle” pattern and there’s a predicted economic recession within the next six months, he anticipates that the price could potentially reach $300,000.

“A warning sign we can’t abide.  For history shows in months but six, Recession strikes—the clock now ticks,” he said.

According to van Lagen’s projection, Bitcoin’s price could potentially reach $250,000 and then climb further up to $300,000 at the very latest by February 25th.

Currently, Bitcoin is being bought for around $74,845. If it rises to $250,000 or $300,000, this would signify a jump of approximately 235% and 300%, respectively, from its current value.

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2024-11-07 19:58