Bitcoin's price outlook has turned bullish, with potential targets set as high as $320,000. This insight comes from crypto analyst Gert van Lagen, who identified a breakout from a 'cup-and-handle' pattern, suggesting a Wave 5 bullish run.
The cryptocurrency has surpassed multiple all-time highs, with momentum reflected in successive bullish candles on daily and weekly charts. The fear and greed index indicates extreme greed, pointing to robust investor interest.
The 'cup-and-handle' formation, formed since 2022, has concluded with Bitcoin's peak above $73,700 in March 2024, which validates the bullish projection.
Bitcoin broke out of a Bear trap identified as 'base 4 step-wise formation.' Projections suggest targets ranging from $220,000 to $320,000 where increased profit-taking may occur.
At present, Bitcoin's price is $89,500, having appreciated by 10.5% in 24 hours, indicating significant buying momentum with RSI above 70 across timeframes.
Potential price targets include $90,000 and $100,000, with a 145% to 255% gain required to achieve the analyst's top targets.
