Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Trader Gert van Lagen has ignited conversations among traders with his analysis, suggesting that Bitcoin (BTC) reaching $200,000 is not only possible but could be on the horizon sooner than most anticipate.
As we dissect the Bitcoin chart provided, the previous patterns of Bitcoin's performance post-all-time-high (ATH) indicate a startling trend: The price has a history of doubling within periods ranging from as short as 10 days to as long as 84 days.
The current Bitcoin market trajectory on the chart showcases a strong bullish pattern, with the cryptocurrency emerging from a consolidation phase known as the "struggle" period. This phase, characterized by a tightening range of highs and lows forming a converging pattern, typically precedes a significant breakout.
Bitcoin's recent print of an ATH is a critical development. Historically, such milestones have been succeeded by aggressive bull runs, as indicated by van Lagen's analysis. The chart highlights a structured market recovery following the "struggle" phase, leading to new highs.
Tomiwabold OlajideIt is this pattern that reinforces the trader's hypothesis that a move toward the $200,000 mark before the next Bitcoin halving — an event that historically impacts supply and demand dynamics — is becoming increasingly plausible.
Examining the current Bitcoin chart specifics, the support level at $41,000 stands firm, having been tested and held multiple times, signifying a solid base for the cryptocurrency's valuation. In terms of resistance, Bitcoin is challenging upper bounds, with the psychological barrier of $100,000 being the next notable milestone. Breaking above this level could potentially trigger a parabolic move, supported by the historical price action that follows ATH breakouts.
Under the present circumstances, if Bitcoin continues to follow the historical doubling pattern post-ATH, the argument for a $200,000 price point becomes compelling. This scenario hinges on several factors, including sustained institutional adoption and favorable regulatory developments.
Alex Dovbnya
Vladislav Sopov
Dan Burgin