Analyst Projects Bitcoin Price Could Reach $300,000 by February 2025
The Bitcoin price has returned to a bullish sentiment, as indicated by the crypto fear and greed index shifting to greed. This change reflects increasing confidence among investors in the cryptocurrency market, suggesting a strong foundation for potential gains in Bitcoin's price.
A crypto analyst predicts that Bitcoin is positioned for a final ascent to $300,000, based on technical analysis rather than solely current market sentiment.
Final Ascent For Bitcoin Price
Analyst Gert van Lagen shared his outlook on social media regarding Bitcoin's price action influenced by recent US presidential elections. He asserts that Bitcoin is still on track to reach $250,000 this year.
His insights were presented through a poem titled “#Bitcoin – The Final Ascent,” along with a BTC price chart featuring technical analysis.
Van Lagen's analysis focuses on the cup and handle pattern developing since the 2022 bear market. The ‘cup’ formed from early 2022 and culminated in Bitcoin surpassing its previous all-time high in March 2024. The following consolidation phase until October represents the ‘handle’ of the pattern.
Recent inflows have driven Bitcoin to new all-time highs, breaking out from the neck of the cup and handle formation, which van Lagen describes as the start of ‘the final ascent.’
What’s Next For Bitcoin?
The cup and handle pattern is recognized as a bullish continuation signal, often indicating significant upward movement following breakouts.
For Bitcoin, van Lagen anticipates a surge to $300,000, considering predictions of a recession within six months. He stated, “A warning sign we can’t abide. For history shows in months but six, Recession strikes—the clock now ticks.”
He projects Bitcoin will reach $250,000 and subsequently $300,000 by February 25. Currently, Bitcoin is trading at $74,845, representing potential increases of 235% and 300%, respectively, to these price targets.
