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bitcoin price now has returned to full bullish sentiment now that the cryptocurrency fear and greed index has turned into greed. This change reflects the growth bitcoin-acquisition-continues-semler-scientific-increases-holdings-to-1058-btc/” rel=”nofollow”>confidence among investors as optimism takes hold in the cryptocurrency market. For many investors, this renewed positive outlook serves as solid foundation for more profits in the price of bitcoin.
According to a crypto analyst, bitcoin is poised for a final rise to the $300,000 price level. Interestingly, this outlook is not based solely on the current bullish sentiment, but rather the analyst is moving away from technical analysis of the current bitcoin price action.
Final rise in bitcoin price
crypto analyst Gert van Lagen took to social media platform Speaking of an intriguing outlook for bitcoin price, analyst van Lagen highlighted that bitcoin is still on track to hit $250,000 this year.
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His perspective came through a funny poem and pun about bitcoin's price action in August. x.com/GertvanLagen/status/1854091528362217700″ rel=”nofollow”>which he titled “#bitcoin: the final rise.” 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 on the bitcoin price chart since the 2022 bear market. According to his analysis, the “cup” part of this pattern began forming in early 2022 and ultimately concluded with bitcoin rising beyond its previous 2021 all-time high in March 2024. The subsequent consolidation phase, which lasted until October, represents the “handle.” ' pattern segment.
With recent inflows taking bitcoin to new all-time highs, the price has now broken out of the neck of the old cup and handle formation, marking the beginning of what van Lagen calls “the final climb.”
What's next for bitcoin?
The cup and handle pattern is often seen as a bullish continuation signal. Breakouts of this pattern often indicate that the asset is about to experience a massive upward move.
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In the case of bitcoin price and its breakout of the cup and handle pattern, Gert van Lagen highlighted a rise 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 that we cannot stand. For history shown in months minus six, The recession is coming, the clock is ticking,” he said.
In terms of a projected timeline, van Lagen expects the price of bitcoin to reach $250,000 and subsequently $300,000 by February 25 at the latest.
At the time of writing, bitcoin is trading at $74,845. An increase towards $250,000 and $300,000 will represent an increase of 235% and 300%, respectively, from the current price level.
Featured image created with Dall.E, chart from Tradingview.com
