bitcoin (btc) has witnessed a notable rise, surpassing the $57,000 mark and recording a year-to-date increase of over 142%. The market capitalization of the cryptocurrency has also increased to $1.14 billion, reaching levels not seen since December 2021. With the previous its highest point (ATH) of $69,000 in sight, the bullish sentiment surrounding bitcoin is becoming more evident.
Setting our sights on $100,000 and $200,000.
Prominent bitcoin maximalist Max Keizer, known for his optimism even during the harshest bear markets, has He suggested the possibility of a “God's Candle” scenario given current market conditions.
To provide more context, this term describes a vast and powerful candlestick pattern on a price chart that indicates a significant and sudden price movement. According to Keizer, if such a pattern were to emerge, it could push bitcoin towards the $100,000 price level, breaking its previous record..
Traders and analysts interpret a “divine candle” as a very bullish signal, reflecting strong buying pressure and the potential for a trend reversal or continuation. It often signifies a notable change 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 price has followed a “parabolic trajectory” since November 2022 and is on track to reach $200,000 soon.
According to the analyst, this parabolic pattern aligns with previous fifth subwaves that have historically similarly crossed the blue trend line, as seen in the chart below.
In particular, van Lagen notes that a breakout of the 78.6% Fibonacci retracement level, which bitcoin has already crossed, tends to trigger an immediate parabolic spike.
Finally, the analyst highlights the growing risk sentiment in the stock market and the strong correlation between bitcoin and the S&P 500 from the end of 2021 as additional support to this bullish forecast.
Bull market cycle for bitcoin until 2025?
Renowned market expert Peter Brandt reviewed his bitcoin price target in a recent post on social network X (formerly Twitter), raising it from $120,000 to $200,000.
Brandt attributes this adjustment to bitcoin's recent advance above the upper boundary of a 15-month channel, indicating a possible bull market cycle until August or September 2025. However, the analyst says that a close below the low of $50,600 last week would invalidate this interpretation.
As Brandt points out, the $50,600 price level represents a 1-week resistance level for the market's largest cryptocurrency, which, in the event of a price correctionAs has historically happened whenever a sudden price spike occurs in btc 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 trend appears to be far from over, which could lead to a parabolic continuation of its price, as suggested by van Lagen and other analysts.
Featured image from Shutterstock, chart from TradingView.com
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