Bitcoin Ready For Price Leap To $300,000 – Analyst Explains Why

Dutch crypto analyst Gert van Lagen has shared an audacious bullish prediction of Bitcoin for the current bull cycle. This development comes amidst a continuous consolidation in the BTC market marked by no substantial price action in the past day.

Double Bullish Patterns Complete – Time For Launch?

In a recent post on X, Gert van Lagen postulates  that Bitcoin may be ready for price massive price surge, a prediction. This analysis is based on two chart patterns namely the bullish megaphone pattern and parabolic step-like formation. 

The bullish megaphone also known as the broadening wedge is formed when price action creates higher highs and lower lows over a long time widening like a megaphone.

This chart pattern typically signals high volatility and is followed by a final breakout to the upside after prolonged accumulation. According to van Lagen, Bitcoin has now broken out of this chart pattern and has spent the last three months retesting its upper boundary as a support zone, thus confirming its validity and indicating an incoming price rally.

A similar positive signal is in seen the parabolic step-like formation which references Bitcoin’s historical bull market structure where price moves in stages, forming a base (support) at each stage.

Base 1 forms after a price surge that follows bear market accumulation. Base 2 appears at a higher level after breaking out from Base 1. This is followed by Base 3, which represents another key accumulation zone at a higher price range. Base 4 marks the final stage before Bitcoin enters a parabolic new price discovery phase.

Gert van Lagen states that the premier cryptocurrency has long moved beyond Base 4. This coincides with the completion of the bullish megaphone pattern. The analyst postulates that BTC is gathering momentum for a massive surge to $270,000–$300,000. This range may represent the price peak of the current bull cycle.

BTC Price Outlook

At press time, Bitcoin is valued at $97,501 following a 0.38% decline in the last 24 hours. The cryptocurrency is up by 1.14% on its weekly chart; however, it retains a monthly loss of 2.42%. According to data from Coincodex, the Fear & Greed Index is currently at 50. This indicates a neutral market sentiment and shows uncertainty among investors.

For short-term targets, Coincodex analysts predict Bitcoin will reach $107,605 in five days. They expect it to hit $130,902 in one month. On the other hand, their long-term price targets include $158,696 in three months and $174,820 in six months.