Bitcoin (BTC) has witnessed a remarkable ascent, surpassing the $57,000 mark and recording a year-to-date surge of over 142%. The cryptocurrency’s market capitalization has also surged towards $1.14 billion, reaching levels not seen since December 2021. With the previous all-time high (ATH) of $69,000 within sight, the bullish sentiment surrounding Bitcoin is becoming increasingly evident.
Setting Eyes On $100,000 And $200,000.
Prominent Bitcoin maximalist Max Keiser, known for his optimism even during the harshest bear markets, has suggested the possibility of a “God Candle” scenario given the current market conditions.
To provide further context, this term describes a vast and powerful candlestick pattern on a price chart that indicates a significant and sudden price movement. According to Keiser, if such a pattern were to emerge, it could propel Bitcoin toward the $100,000 price level, shattering its previous record.
Traders and analysts interpret a “God Candle” as a highly bullish signal, reflecting robust buying pressure and the potential for a trend reversal or continuation. It often signifies a notable shift in market sentiment and catalyzes further price appreciation.
Adding to the optimistic outlook for Bitcoin, crypto analyst Gert van Lagen has projected a target of $200,000 for BTC. Analyzing the 1-week chart, van Lagen notes that Bitcoin’s price has been following a “parabolic trajectory” since November 2022 and is on track to reach $200,000 soon.
According to the analyst, this parabolic pattern aligns with the previous fifth sub-waves that have historically similarly intersected the blue trendline, as seen in the chart below.
Notably, van Lagen points out that a breach of the 78.6% Fibonacci retracement level, which Bitcoin has already crossed, tends to trigger an immediate parabolic spike.
Finally, the analyst highlights the rising risk-on sentiment in the stock market and the strong correlation between Bitcoin and the S&P 500 since late 2021 as additional support for this bullish forecast.
Bull Market Cycle For Bitcoin Until 2025?
Renowned market expert Peter Brandt revised his Bitcoin price target in a recent post on social media X (formerly Twitter), raising it from $120,000 to $200,000.
Brandt attributes this adjustment to Bitcoin’s recent breakthrough above the upper boundary of a 15-month channel, indicating a potential bull market cycle until August or September 2025. However, the analyst says a close below last week’s low of $50,600 would invalidate this interpretation.
As Brandt points out, the $50,600 price level represents a 1-week resistance level for the largest cryptocurrency on the market, which, in the event of a price correction, as has historically happened whenever a sudden price spike occurs in BTC’s price action, Bitcoin would likely retest the $49,900 support level on its weekly chart. A drop towards $47,000 could be imminent in a more extreme scenario.
However, with Bitcoin currently trading at $56,800, up 4.2% in the last 24 hours, its bullish uptrend seems far from over, potentially leading to a parabolic continuation of its price, as van Lagen and other analysts suggested.
Featured image from Shutterstock, chart from TradingView.com
[#item_full_content]NewsBTCRead More