The Dutch cryptographic analyst Gert Van Lagen shared the bold stubborn forecast of the Bitcoins for the current bull cycle. This development takes place as a result of continuous consolidation on the BTC market, marked by a lack of significant price activities on the last day.
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IN The latest post WX van Lagen postulates that Bitcoin can be ready for a huge price augment. This analysis is based on two graphs of charts, namely a stubborn megaphone pattern and a parabolic formation similar to a step.
A liquid megaphone also known as the expanding wedge arises when the price action creates higher ups and lower falls for a long time, expanding like a megaphone.
This pattern of the chart usually signals high variability, and then the final break up after prolonged accumulation. According to Van Lagen, Bitcoin has now detached from this chart pattern and the last three months has established its upper limit as a support zone, confirming its validity and pointing to the incoming price rally.
A similar positive signal is found in a parabolic formation reminiscent of steps, which refers to the historical structure of the Bitcoin bull market, in which the price moves in stages, creating the basis (support) at every stage.
Base 1 is formed after a keen growth after bears accumulation. Base 2 is formed at a high level after the breakthrough from base 1, and then base 3, which represents another key accumulation zone in the higher price range. Base 4 represents the last stage before Bitcoin enters the parabolic phase of discovering prices.
Gert Van Lagen claims that the Prime Minister of the cryptocurrency has long been going beyond Base 4, coinciding with the ending of a stubborn megaphone pattern. The analyst postulates BTC gaining momentum for huge growth to 270,000 – USD 300,000, which can represent the top of the price of the current bull cycle.
Btc price perspective
During the Bitcoin press it is priced at USD 97 501 after a drop in 0.38% in the last 24 hours. The cryptocurrency increased by 1.14% on its weekly chart; However, it maintains a monthly loss of 2.42%. According to Data from CoincodexThe Fear & Greed indicator is currently 50, indicating neutral market moods and uncertainty among investors.
For brief -term purposes, CoinCodex analysts provide for the Bitcoins price of USD 107,605 in the next five days and USD 130,902 in one month. On the other hand, their long -term prices include USD 158,696 in three months and 174,820 USD in six months.
Recommended photo from Istock, chart from TradingView
