Trader Gert van Lagen has put forward a bold prediction that Bitcoin could climb to a head-spinning $200,000 before the network's next halving event.
Citing the Elliott Wave theory as the backbone of his prediction, van Lagen's forecast hinges on a critical support level at $31.8K — dip below that, and it is back to the drawing board.
Amid a sea of market speculators and analysts, Bitcoin is currently trading at a somewhat modest $42,396.33, a notch up by 1.1%.
Major spike before halving?
The chart attached to van Lagen's prediction showcases a classic Elliott Wave sequence, which posits that markets move in predictable, repetitive cycles influenced by investor psychology.
These cycles are composed of a five-wave trend followed by a three-wave corrective period.
According to van Lagen’s analysis, Bitcoin has embarked on a parabolic journey, currently in its fifth and final wave, pointing toward a $200,000 target.
This bullish trend, supported by the theory, suggests an aggressive accumulation phase by investors ahead of the halving.
However, the Elliott Wave Theory should be approached with a healthy dose of skepticism. Its main critique lies in its subjectivity: different traders can interpret the patterns differently, which can lead to varying predictions that may not necessarily be accurate.
Big names still bullish
After Bitcoin wobbled below the $42,000 mark recently, market participants are seemingly becoming less greedy.
The recent introduction and subsequent cooling off of Bitcoin ETFs have been a wild ride, with a spike to $49,000 followed by a dip as traders took profits.
But not everyone is looking to cash out. Big names are still in the ring, with Anthony Scaramucci throwing a punchy prediction that Bitcoin's price will not just reclaim its peak but soar past it by the end of next year.