Renowned technical analyst Geert van Lagen predicts that the price of Bitcoin (BTC) will reach unprecedented heights already in this cycle.
At the time of writing, Bitcoin is trading near $59,400. If Van Lagen’s forecast If this turns out to be true, then in this cycle the BTC rate could rise to $200,000.
On the verge of a breakthrough
The analyst shared a chart of a stepped parabolic curve, which shows that Bitcoin has been forming this pattern since 2021. The image below also shows a cup-and-handle pattern. Cup and Handle), which indicates a bullish continuation.
The cup and handle pattern is a technical analysis graphic that shows a cryptocurrency moving from a downward trend to an upward trend. This is followed by a period of consolidation (the handle), and then a breakout.
According to van Lagen, Bitcoin is currently moving around the handle. This foreshadows an imminent parabolic move into the “banana zone,” which is a period when BTC and altcoins experience explosive growth.
Bitcoin Weekly Chart. Source: X/Gert van Lagen
The long-term holders’ market inflation index points to a possible recovery. High values indicate that Bitcoin holders are reducing their balances and increasing their selling. Low values indicate more active accumulation.
Historically, Bitcoin price reaches the top of the cycle at a high rate. However, as the chart below shows, the Long Term Holder Market Inflation Index has been declining since the first week of August. If this decline continues, BTC could experience a significant rebound.
Inflation of the BTC Long-Term Holder Market. Source: Glassnode
BTC Forecast: Short-Term Analysis Points to $64,000
On the four-hour chart, Bitcoin is showing signs of being ready to break out of its current slump. If the buy signal is confirmed, the cryptocurrency could rise to $64,240.
In addition to technical analysis, the dynamics of Bitcoin spot exchange-traded funds (ETFs) play an important role in BTC reaching a new high. Over the past ten days, the issuers of these funds have been recording positive inflows. If they continue, the rate of the first cryptocurrency by capitalization could jump to $70,000.
4-hour Bitcoin analysis. Source: TradingView
Analyst Michael van de Poppe believes that BTC could reach a new all-time high if it holds above $62,000.
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Source: Cryptocurrency
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