Bitcoin price has finally he broke his resistance According to a cryptocurrency analyst, it is on its way to the $320,000 threshold. It is worth noting that Bitcoin price has now returned to full bullish sentiment, with the fear and greed index for cryptocurrencies indicating extreme greed.

In a recent technical analysis, cryptocurrency analyst Gert van Lagen identified a bullish pattern in the Bitcoin price chart, specifically pointing to a confirmed break of the classic “cup and handle” pattern that essentially initiated the Wave 5 bullish run.

Bitcoin price is expected to reach $320,000 as wave 5 begins

Bitcoin price action has taken place nothing miniature of impressive over the last few days. It is worth noting that the price of Bitcoin has changed set many all-time records in quick succession as many investors begin to arrive. This sustained demand has created further bullish candles on both the daily and weekly charts, illustrating continued forceful upside momentum.

Interestingly, these bullish candlestick patterns confirmed what cryptocurrency analyst Gert van Lagen stated called the beginning subwave formation 5. This wave, which is known to be bullish, is expected to be the last subwave formation in the larger Elliot Wave uptrend that has been ongoing since January 2023.

Supporting the possibility of wave 5, technical analysis of Bitcoin’s price formation shows that the recent price surge has caused Bitcoin to break out of a cup and handle pattern. This pattern, known as bullishness, has been forming since 2022. The “cup” portion of this pattern began to form in early 2022 and ultimately culminated in Bitcoin peaking above $73,700 in March 2024. The next phase of consolidation that lasted until October represents the “handle” segment of the pattern.

In addition, Bitcoin managed to break out of what van Lagen described as a “four-step formation,” effectively shaking off the bear trap. With this breakout confirmed, van Lagen’s analysis shows a projected target range of between $220,000 and $320,000. This range marks what he considers the “main sell line,” which is the zone where profit-taking could intensify as Bitcoin hits upper limits.

The current state of BTC

At the time of writing, Bitcoin is trading at $89,500, has a market cap of $1.77 trillion and an all-time high of $89,864, up about 10.5% in the last 24 hours. However, given this trend, this is an all-time high may not last long. The bullish sentiment and inflow around Bitcoin has been so overwhelming that investors I don’t know when to take profit at the moment. The RSI is above 70 on every time frame, from daily to yearly. It shows how forceful the shopping momentum is is at the moment.

Nevertheless, the momentum is expected to continue, with the next target being $90,000 and the next $100,000. Moving to Gert van Lagen’s target of $220,000-$320,000 will represent an raise of 145% and 255% respectively over the current price.

Featured image created with Dall.E, chart from Tradingview.com