Gert van Lagen, a prominent technical analyst, suggests that Bitcoin (BTC) could reach unprecedented heights in this cycle. Currently, Bitcoin is trading at $62,290, and van Lagen’s analysis suggests it could break out towards $200,000.
He highlighted a step-like parabolic curve on Bitcoin’s weekly chart, which has been forming since 2021. This chart also shows a Cup and Handle pattern, indicating a bullish continuation. Bitcoin is currently moving around the handle, suggesting that a significant upward move to the “banana zone” is imminent.
The “banana zone” describes a period of explosive upward growth for Bitcoin and other cryptocurrencies. Additionally, the Long-Term Holder Market Inflation trends support this bullish bias. Higher market inflation suggests reduced selling pressure, while lower values indicate faster accumulation by long-term holders.
In a short-term analysis, Bitcoin’s 4-hour chart suggests a potential exit from the current drawdown. Key levels such as $61,839 and $60,680 are critical for Bitcoin’s future price movement. If these levels hold, Bitcoin’s price could rise above $64,000.
Moreover, Bitcoin ETFs have seen significant inflows, mirroring conditions that led to its all-time high in March. If these trends continue, Bitcoin’s price could rally towards $70,000. Analyst Michaël van de Poppe also suggests that holding above $62,000 could push BTC to a new all-time high.
However, failure to maintain momentum above $61,839 could invalidate this bullish outlook, potentially leading to a deeper correction below $60,000.
