Market analyst Gert Van Lagen recently supported the notion that Bitcoin (BTC) may surpass $300,000. His forecast came shortly after Bitcoin reached a new all-time high of $111,970; signalling its strong bullish trend and dedication to keeping its upward momentum alive.
Last week saw Bitcoin achieve a 5.35% gain, even as US President Donald Trump proposed imposing a 50% tariff on imports from Europe, prompting its price trajectory to briefly decrease.
Analyst Predicts Bitcoin Could Experience Exponential Growth to $300K
Gert Van Lagen recently noted in an update that Bitcoin’s price actions since the last cycle in 2021 have formed a cup-and-handle pattern – typically seen as an indication of bullish price momentum – suggesting it might be nearing a major price breakout.
The cup portion of this pattern took shape between late 2021 and early 2024, when Bitcoin’s price action traced a rounded bottom. This movement marked an abrupt reversal from an all-time high around $69,000 that had previously occurred prior to stabilization periods followed by recovery back towards this critical level. Subsequent pullback known as the handle has since prepared Bitcoin for what appears to be a major price explosion from early to Q3 2024.
Following its breakout from resistance at $69,000, Bitcoin has exceeded it and set an immediate price target between $120,000 to $130,000, an attainable target given current market conditions. Van Lagen further suggests that such a pattern could signal exponential gains to $300,000.
Institutional capital has shown their confidence in Bitcoin with the approval of spot Bitcoin ETFs in 2024, signaling its positive outlook. Institutional investment demonstrates long-term faith and maturity for this cryptocurrency now worth $2 trillion; although its size may dampen parabolic strides over time, its inherent market volatility remains an avenue for significant price movements.
Current Bitcoin Price Movement
Bitcoin currently trades at $107,794, having experienced a small uptick of 0.64% since yesterday and an impressive 16.25% gain since last month – evidence of its bull market status.
