Bitcoin Price Prediction: Analyst Sets $320,000 Target As Wave 5 Begins
2024年11月13日 - 7:30AM
NEWSBTC
The Bitcoin price has finally broken out of resistance and is on a
journey to the $320,000 threshold, according to a crypto analyst.
Notably, the Bitcoin price has now returned into a full bullish
sentiment, with the crypto fear and greed index now pointing to
extreme greed. In a recent technical analysis, crypto analyst Gert
van Lagen identified a bullish pattern in Bitcoin’s price chart,
specifically pointing to a confirmed breakout of the classic
‘cup-and-handle’ pattern formation that has essentially kicked off
a bullish Wave 5 run. Bitcoin Price Sets Sights On $320,000 As Wave
5 Begins Bitcoin’s price action has been nothing short of
impressive in the past few days. Notably, the Bitcoin price has
created multiple all-time highs in quick succession, as many
investors start to pour in. This sustained demand has created
successive bullish candles on both the daily and weekly charts,
illustrating a continued strong upward momentum. Related Reading:
Dogecoin Price To $1 Soon? Textbook Weekly Golden Cross Shows
What’s Coming Next Interestingly, these bullish candle formations
have validated what crypto analyst Gert van Lagen called the start
of a sub-wave 5 formation. This wave, which is known to be bullish,
is expected to be the final sub-wave formation in a larger Elliot
wave uptrend that has been in play since January 2023.
Supporting the possibility of the wave 5 formation, technical
analysis of the Bitcoin price formation shows that the recent price
rally has seen Bitcoin breaking out of a cup-and-handle formation.
This pattern, which is known to be bullish, has been in formation
since 2022. The ‘cup’ portion of this pattern began forming in
early 2022 and eventually ended with Bitcoin’s peak above $73,700
in March 2024. The subsequent consolidation phase, which lasted
until October, represents the ‘handle’ segment of the pattern. In
addition to this, Bitcoin has managed to break free from what van
Lagen described as a ‘base 4 step-wise formation,’ effectively
shaking off a bear trap. With this breakout now confirmed, van
Lagen’s analysis points to a projected target range between
$220,000 and $320,000. This range marks what he considers a ‘major
sell line,’ which is a zone where profit-taking might intensify as
Bitcoin reaches these upper limits. Related Reading: This Crypto
Trader Correctly Called Dogecoin Price Break Above $0.3 Back In
October, The True Target Will Shock You Current State Of BTC At the
time of writing, Bitcoin is trading at $89,500 with a market cap of
$1.77 trillion and an all-time high of $89,864, having increased by
about 10.5% in the past 24 hours. However, given this trend, this
all-time high might not last long. The bullish sentiment and inflow
surrounding Bitcoin has been so massive that investors don’t know
when to take profit at the moment. The RSI is above 70 on every
single timeframe from the daily to the yearly. This shows how
strong the buying momentum is at the moment. Nevertheless, the
momentum is expected to continue, with the next target at $90,000
and another at $100,000. A move to Gert van Lagen’s target of
$220,000 to $320,000 will represent a 145% and 255% increase,
respectively, from the current price. Featured image created with
Dall.E, chart from Tradingview.com
Bitcoin (COIN:BTCUSD)
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Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 12 2023 まで 12 2024