Analyst Predicts ‘The Final Ascent’ For Bitcoin Price, Why A Rise To $300,000 Is Possible From Here
November 07 2024 - 8:00AM
NEWSBTC
The Bitcoin price has now returned into a full bullish sentiment
now that the crypto fear and greed index has flipped into greed.
This shift reflects growing confidence among investors as optimism
takes hold in the cryptocurrency market. For many investors, this
renewed positive outlook serves as a strong foundation for more
gains in the Bitcoin price. According to a crypto analyst, Bitcoin
is ripe for a final ascent to the $300,000 price level.
Interestingly, this outlook is not just based on the current
bullish sentiment, but the analyst is going off of technical
analysis of the current Bitcoin price action. Final Ascent For
Bitcoin Price Crypto analyst Gert van Lagen took to social media
platform X to share an intriguing outlook concerning Bitcoin and
its price action this year in light of the recent US presidential
elections and its effect of its price. Speaking of an intriguing
outlook for the Bitcoin price, analyst van Lagen highlighted that
Bitcoin is still on track to reach $250,000 this year.
Related Reading: Shiba Inu Burn Rate Ignites 3,674% On Election
Day, Will SHIB Move With Dogecoin Price To New ATH? 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. Central to van Lagen’s analysis is a detailed look
at the cup and handle pattern that has been developing in Bitcoin’s
price chart since the 2022 bear market. According to his analysis,
the ‘cup’ portion of this pattern began forming in early 2022 and
eventually concluded with Bitcoin’s surge past its previous 2021
all-time high in March 2024. The subsequent consolidation phase,
which lasted until October, represents the ‘handle’ segment of the
pattern. With recent inflows driving Bitcoin to fresh all-time
highs, the price has now broken out from the neck of long-standing
cup and handle formation, marking the beginning of what van Lagen
dubs ‘the final ascent.’ What’s Next For Bitcoin? The cup and
handle pattern is often seen as a bullish continuation signal.
Breakouts from this pattern often indicate that the asset is about
to experience a massive upward movement. Related Reading: Dogecoin
Price Marks Local Bottom, Can Price Run 100% From Here Again? In
the case of the Bitcoin price and its breakout from the cup and
handle pattern, Gert van Lagen highlighted a surge to the $300,000
price level. Notably, this outlook is also based on the prediction
of a recession in the next six months. “A warning sign we can’t
abide. For history shows in months but six, Recession
strikes—the clock now ticks,” he said. In terms of a projected
timeline, van Lagen expects the Bitcoin price to reach $250,000 and
subsequently $300,000 latest by February 25. At the time of
writing, Bitcoin is trading at $74,845. A surge towards $250,000
and $300,000 will represent 235% and 300% increase, respectively,
from the current price level. Featured image created with Dall.E,
chart from Tradingview.com
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