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As the week progressed, the price of Bitcoin (BTC) steadily rose towards its all-time high of $73,700 in March of this year. This upward momentum is in line with… Predictions From various market experts, they expect significant gains for the leading cryptocurrency by the end of the year.
One of these experts, cryptocurrency analyst Geert van Lagen, recently shared his thoughts on Bitcoin’s price trajectory via the social media platform X (formerly Twitter). He analyzed BTC’s parabolic curve and identified a distinct step-like formation pattern, which he believes indicates a massive collapse. Wave pool 5 In the coming months.
Possible “shaking of the century”.
In his country analysisVan Lagen presented a chart of Bitcoin showing that the cryptocurrency has successfully navigated several hurdles since April 2023. He categorized the price action into three distinct phases, representing the base of an uptrend pattern that ignited the current uptrend.
Currently, Van Lagen points out that Bitcoin price action is centered around the fourth base of this pattern, indicating a consolidation phase between the $53,700 and $68,000 levels, with the first identified as Support the bull market for this course.
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Van Lagen confirms that validation of Wave 4 is imminent as Bitcoin approaches its record peak. He predicts that once Bitcoin breaks Base 4 and makes a new all-time high, it could trigger a significant wave 5 rally, with prices likely targeting around $250,000.
However, the analyst also warns of something important deflation Which may follow this mutation. He notes that once Bitcoin reaches its expected peak, a “recession” could ensue, with target prices falling to as low as $10,000 and, in a more extreme scenario, to $1,000. He describes this potential decline as the “shock of the century” if these expectations come true.
In the medium term, the increased volatility that characterized the price of Bitcoin over the past month prompted the analyst to clarify that if Bitcoin fails to breach the $70,000 level, resistance Level – a barrier it has suffered in four previous attempts – the $57,500 level will serve as a crucial support level for the cryptocurrency.
Historical patterns indicate a rise in the price of Bitcoin in the future
In another sign of confidence in the largest cryptocurrency’s prospects for further gains, Brett Munster of Blockforce Capital said male Conditions are ripe for a “perfect storm” in favor of Bitcoin and other cryptocurrencies after six months of price consolidation.
Munster highlighted the role of global liquidity in this potential increase, pointing to increased capital injections from abroad Central banks All over the world. It is worth noting that China has implemented stimulus measures to stimulate its economy.
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Historical data suggests that when global liquidity exceeds its moving average, it often coincides with significant increases in Bitcoin prices.
In addition, optimism in the cryptocurrency market is reinforced by the commitment of US Vice President Kamala Harris to support… Regulatory framework to cryptocurrencies in response to long-standing concerns from the cryptocurrency community regarding the regulatory environment.
At the time of writing, BTC is trading at $68,300, By 3.6% during the past 24 hours.
Featured image of DALL-E, chart from TradingView.com