A leading crypto analyst has projected that Bitcoin will experience a drastic increase in price up to $250,000, followed by a subsequent 98% crash, potentially dropping the price to $2,000. This significant rally is predicted to create massive selling pressure as investors take profits.
The analyst, Gert van Lagen, highlighted that confidence in Bitcoin's stability might be overestimated, especially with the influence of Spot Bitcoin ETFs. The potential recession could affect Bitcoin’s value negatively.
This forecast includes an expected sell-off by institutional investors after Bitcoin reaches $250,000, described as the "shake out of the century," resulting in a dramatic fall in Bitcoin’s price below Ethereum’s current trading value.
Despite the bearish outlook, Bitcoin's price dynamics include possible scenarios where it might break above $73,000, which could invalidate a bearish continuation pattern and initiate a stronger upward trend.
The analysis provides a high-time frame perspective using the "Syslog scale," which indicates a rising wedge, alerting for potential price targets between $1,000 and $10,000. The analyst anticipates a complex journey for Bitcoin, including potential halving events necessary to regain its $200,000 valuation post-crash.