Gert van Lagen, a widely known technical analyst, says there’s a good probability that Bitcoin (BTC) will surge in worth by over 472% within the subsequent yr.
So, because the dealer explains in his newest publish, the main cryptocurrency at present reveals a step-like formation – a sample, which is characterised by a collection of worth consolidations adopted by upward actions, resembling steps in an ascending development.
Amid this formation, which appears to be like a bit like a well-known “cup with deal with” bull sample, van Lagen spots an ascending broadening wedge on the potential pre-breakout stage. This technical sample is value taking note of as a result of it breaks to the upside 79% of the time, in line with van Lagen, and 67% of the time, it results in a continuation of the prior development.
$BTC [1W] Step-like formation Replace
Bitcoin is forming an ascending broadening wedge at Base 4, which breaks to the upside 79% of the time.
67% of the time it is a continuation sample and the development is up. Goal zone ~$300k at promote line. pic.twitter.com/GnCEGKvgUS
— Gert van Lagen (@GertvanLagen) September 23, 2024
Based mostly on this evaluation, the goal worth for Bitcoin set by the dealer is a powerful $300,000 per BTC, which is a 472.44% enhance from present ranges. This worth goal reveals how a lot potential there’s for development, which inserts with van Lagen’s optimistic view of the way forward for cryptocurrency.
In the meantime, on the shorter time-frame, the value of Bitcoin has been hovering round $63,500 per BTC for the previous 4 days. Curiously, this worth vary aligns with the 200-day easy shifting common, a key technical indicator that has confirmed to be a troublesome barrier.
As Bitcoin has struggled to interrupt above this shifting common, merchants could be clever to observe intently for indicators of a breakout from right here and out of the wedge sample thereafter.