Bitcoin Could Reach $200,000 Sooner Than Expected, According to a Recent Price Analysis
Well known crypto trader's insights have stirred up conversations within trading circles, suggesting a potential surge in Bitcoin's value to $200,000, a prospect that could materialize sooner than many expect.
Delving into the data presented in the Bitcoin chart, Gert van Lagen points out a recurring trend: post-ATH milestones, Bitcoin’s value has historically shown a propensity to double within varying time frames, ranging from as short as 10 days to as long as 84 days.
By printing an ATH, BTC price doubled within 10, 18 or 84 days.
A move to $200k before the halving gets increasingly more feasible. pic.twitter.com/qmKAbcEtRr
— Gert van Lagen (@GertvanLagen) March 9, 2024
Presently, the trajectory of the Bitcoin market hints at a bullish trend, with the cryptocurrency breaking out from a consolidation phase colloquially known as the “struggle” period. This phase is characterized by a narrowing range of highs and lows, indicating an impending significant price movement.
The recent achievement of an ATH for Bitcoin marks a pivotal moment. Previous instances of such milestones have been followed by robust bull markets, as per van Lagen’s analysis. The chart depicts a structured recovery in the market post-“struggle” phase, leading to the establishment of new ATHs.
READ MORE: Bitcoin Will Soon See a Massive Spike in Institutional Investments
This observed pattern lends credence to van Lagen’s theory that Bitcoin could be on track to hit the $200,000 mark prior to the next Bitcoin halving event—a phenomenon that historically alters the dynamics of supply and demand.
Analyzing the current Bitcoin chart, it’s evident that the $41,000 support level has proven resilient, enduring multiple tests and affirming a strong foundation for the cryptocurrency’s valuation. On the resistance front, Bitcoin is on the verge of surpassing significant hurdles, with $100,000 looming as the next major milestone. A breach above this level could potentially trigger an exponential price surge, supported by historical precedents following ATH breakouts.
In light of these developments, if Bitcoin continues to adhere to its historical pattern of doubling post-ATH, the argument for a $200,000 valuation becomes increasingly persuasive. However, achieving this milestone hinges on several variables, including sustained institutional adoption and favorable regulatory shifts.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
