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The Bitcoin price is now returned to a completely bullish sentiment now that the crypto fear and greed index has turned into greed. This shift reflects growth confidence among investors as optimism prevails in the cryptocurrency market. For many investors, this renewed positive outlook serves as a strong basis for more profit in the Bitcoin price.
According to a crypto analyst, Bitcoin is ripe for a final climb to the $300,000 price level. Interestingly, this outlook is not based solely on current bullish sentiment, but rather relies on the analyst’s technical analysis of current Bitcoin price action.
Latest Rise for Bitcoin Price
Crypto analyst Gert van Lagen took to social media platform Speaking of intriguing prospects for the Bitcoin price, analyst van Lagen highlighted that Bitcoin is still on track to reach $250,000 this year.
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His view was expressed in a funny poem and pun about August’s Bitcoin price action, which he gave the title “#Bitcoin – The Last 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 developed on 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 ultimately ended with Bitcoin rising 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 new all-time highs, the price has now broken out of the neck of the long-standing cup-and-handle formation, marking the start of what Van Lagen calls “the final surge.”
What’s next for Bitcoin?
The pattern of the cup and handle is often seen as a bullish continuation signal. Breakouts from this pattern often indicate that the asset is about to undergo a massive upward move.
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In the case of the Bitcoin price and its breakout from the cup-and-handle pattern, Gert van Lagen highlighted a rise to the $300,000 price level. Notably, these forecasts are also based on the prediction of a recession in the next six months.
‘A warning signal that we cannot respond to. History will show in months only six, The recession is hitting – the clock is ticking now,” he said.
In terms of an expected timeline, Van Lagen expects the Bitcoin price to reach $250,000 on February 25 and then $300,000.
At the time of writing, Bitcoin is trading at $74,845. An increase to $250,000 and $300,000 will represent an increase of 235% and 300% respectively from the current price level.
Featured image created with Dall.E, chart from Tradingview.com
