Analyst Forecasts Bitcoin Could Surge 250%, Yet Warns Of Potential Drop To $10,000
17 Outubro 2024 - 3:00AM
NEWSBTC
As the week progressed, the Bitcoin (BTC) price steadily climbed
toward its all-time high of $73,700 in March of this year. This
upward momentum is in line with the predictions of various market
experts, expecting significant gains for the leading cryptocurrency
by the end of the year. One such expert, crypto analyst Gert van
Lagen, recently shared his insights on Bitcoin’s price trajectory
via social media platform X (formerly Twitter). He analyzed BTC’s
parabolic curve and identified a distinctive step-like formation
pattern, which he believes signals a colossal wave 5 rally in the
coming months. Potential ‘Shake-Out Of The Century’ In his
analysis, van Lagen presented a Bitcoin chart demonstrating that
the cryptocurrency has successfully navigated several hurdles since
April 2023. He categorized the price movement into three distinct
phases, marking the base of the uptrend pattern that has ignited
the current bullish trend. Currently, van Lagen notes that
Bitcoin’s price action is centered around base 4 of this pattern,
indicating a consolidation phase between the $53,700 and $68,000
levels, with the former identified as bull market support for this
cycle. Related Reading: Dogecoin Sees Sharp Decline: Over 106,000
Wallets Abandon The Memecoin Van Lagen asserts that the validation
of Wave 4 is imminent as Bitcoin approaches its record peak. He
predicts that once Bitcoin breaks through base 4 and achieves a new
all-time high, it could trigger a substantial rally in wave 5,
potentially targeting prices around $250,000. However, the analyst
also warns of a significant downturn that may follow this surge. He
suggests that once Bitcoin reaches the anticipated peak, a
“recession” could ensue, with price targets plummeting to as low as
$10,000, and in a more extreme scenario, down to $1,000. He
describes this potential decline as the “shake-out of the century,”
should these projections materialize. In the medium term, the
increased volatility that has characterized Bitcoin’s price over
the past month has prompted the analyst to explain that if Bitcoin
fails to break through the $70,000 resistance level – a barrier it
has struggled with in four previous attempts – then the $57,500
level will serve as a crucial support level for the cryptocurrency.
Historical Patterns Suggest Bitcoin Price Increases Ahead In
another sign of confidence in the biggest cryptocurrency’s
prospects for further gains, Blockforce Capital’s Brett Munster
noted that conditions are ripe for a “perfect storm” favoring
Bitcoin and other cryptocurrencies after six months of price
consolidation. Munster highlighted the role of global liquidity in
this potential surge, pointing to increased capital injections from
central banks worldwide. Notably, China has implemented stimulus
measures to revitalize its economy. Related Reading: Ethereum
Open Interest Sees Fastest Rise In 5 Months: Brace For More
Volatility? Historical data suggests that when global liquidity
surpasses its moving average, it often coincides with substantial
price increases for Bitcoin. In addition, optimism in the crypto
market is further bolstered by a commitment from US Vice President
Kamala Harris to support a regulatory framework for
cryptocurrencies in response to long-standing concerns from the
crypto community regarding the regulatory environment. At the time
of writing, BTC has been trading at $68,300, up 3.6% in the last 24
hours. Featured image from DALL-E, chart from
TradingView.com
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