A crypto analyst has projected a significant upside for Bitcoin, comparing it to previous successful breakouts in traditional assets like Gold and the S&P500. The technical analysis suggests that Bitcoin is forming a cup and handle pattern, potentially leading to a rally towards $230,000.
The cup and handle formation indicates a period of consolidation followed by an upwards breakout, as seen in Gold and the S&P500. If Bitcoin's pattern fully materializes, it could surge to new heights, much like these assets.
Technical analyst Gert van Lagen notes that Bitcoin's current pattern mirrors those of Gold and the SP500, which resulted in historical bull rallies. Gold's breakout in 2023 led to new price peaks, and SP500 witnessed a similar rise.
Bitcoin, having completed the cup portion with its all-time high in March, is now forming the handle. A breakout could result in a strong rally akin to Gold and the S&P500.
Van Lagen predicts a price target of $230,000 for Bitcoin, suggesting it's poised to follow the structural path of SP500 and Gold. This target implies a 197% increase from the current trading price. Recent price increases have fostered bullish sentiment and increased accumulation by long-term holders.
