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The Bitcoin price has now returned into a full bullish sentimentnow that the crypto fear and greed index has flipped into greed. This shift reflects growing confidence among investorsas optimism takes hold in the cryptocurrency market. For many investors, this renewed positive outlook serves as a strong foundation for more gainsin the Bitcoin price.
According to a crypto analyst, Bitcoin is ripe for a final ascent to the $300,000 price level. Interestingly, this outlook is not just based on the current bullish sentiment, but the analyst is going off of technical analysis of the current Bitcoin price action. Final Ascent For Bitcoin Price
Crypto analyst Gert van Lagen took to social media platform X to share an intriguing outlook concerning Bitcoin and its price action this year in light of the recent US presidential elections and its effect of its price. Speaking of an intriguing outlook for the Bitcoin price, analyst van Lagen highlighted that Bitcoin is still on track to reach $250,000 this year. Related Reading Shiba Inu Burn Rate Ignites 3,674% On Election Day, Will SHIB Move With Dogecoin Price To New ATH? 1 day ago
His outlook came through a funny poem and a play of words on the Bitcoin price action from August, which he titled“#Bitcoin – The Final Ascent.” The analyst also shared a BTC price chart with technical analysis.
Central to van Lagen’s analysis is a detailed look at the cup and handle pattern that has been developing in Bitcoin’s price chart since the 2022 bear market. According to his analysis, the ‘cup’ portion of this pattern began forming in early 2022 and eventually concluded with Bitcoin’s surge past its previous 2021 all-time high in March 2024. The subsequent consolidation phase, which lasted until October, represents the ‘handle’ segment of the pattern.
With recent inflows driving Bitcoin to fresh all-time highs, the price has now broken out from the neck of long-standing cup and handle formation, marking the beginning of what van Lagen dubs ‘the final ascent.’ Source: X What’s Next For Bitcoin?
The cup and handle pattern is often seen as a bullish continuation signal. Breakouts from this pattern often indicate that the asset is about to experience a massive upward movement. Related Reading Dogecoin Price Marks Local Bottom, Can Price Run 100% From Here Again? 2 days ago
In the case of the Bitcoin price and its breakout from the cup and handle pattern, Gert van Lagen highlighted a surge to the $300,000 price level. Notably, this outlook is also based on the prediction of a recession in the next six months.
“A warning sign we can’t abide. For history shows in months but six, Recession strikes—the clock now ticks,” he said.
In terms of a projected timeline, van Lagen expects the Bitcoin price to reach $250,000 and subsequently $300,000 latest by February 25.
At the time of writing, Bitcoin is trading at $74,845. A surge towards $250,000 and $300,000 will represent 235% and 300% increase, respectively, from the current price level. BTC price shooting for $75,000 | Source: BTCUSD on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com