Analyst Gert van Lagen predicts Bitcoin's price could surge by 250%, reaching $250,000, closely examining its current parabolic curve and step-like formations. He describes it as a colossal wave 5 rally expected to occur as Bitcoin approaches new all-time highs.
However, van Lagen also cautions about a potential downturn post-surge, possibly dropping Bitcoin’s price to as low as $10,000, labeling it as a ‘shake-out of the century’. This decline unfolds if the anticipated price surge doesn't lead to sustainable growth.
In the immediate term, Bitcoin faces a $70,000 resistance level. Despite several attempts, this barrier remains pivotal. If Bitcoin fails to surpass this, the $57,500 level is crucial as the next support line. These analyses are fueled by past patterns and price movements over recent months.
Brett Munster from Blockforce Capital shares van Lagen's optimism, citing increased global liquidity, which historically indicates favorable conditions for Bitcoin and cryptocurrencies. China’s economic stimulus measures also play into these encouraging outlooks.
Additional optimism stems from US Vice President Kamala Harris’s commitment to fostering a supportive regulatory environment for cryptocurrencies, addressing longstanding concerns from the crypto community.
