Technical Analyst Shares $200,000 Target for Bitcoin, Explains Why!

Technical analyst Gert van Lagen, Bitcoin’in (BTC) He shared his predictions about its future course. According to Van Lagen, Bitcoin’s price has been on a parabolic trajectory since November 2022 and is on track to reach $200,000 in the near future. He set the invalidation point for this prediction at $32,000.

This parabolic rise to $200,000 fits perfectly with the pattern of previous sub-fifth waves, all of which have historically crossed the blue trend line in a parabolic fashion. This indicates that Bitcoin’s current price movement is not an anomaly, but rather a continuation of its established pattern, according to van Lagen.

One question that arises is whether Bitcoin will wait for the halving event to rise. The analyst notes that the price has moved significantly above the 78.6% Fibonacci retracement level of the previous bear market, which has only happened post-halving in the past. According to the analyst, when this metric exceeds the 78.6 level, the price tends to rise parabolically.

According to the analyst, this prediction is also in line with the increased risk sensitivity in the stock market, which is currently approaching FOMO levels. Structurally, Bitcoin and the S&P 500 have had a strong correlation since the end of 2021. The S&P 500 has been trading at all-time highs (ATH) for several weeks in a row, which could be a positive sign for Bitcoin’s future performance.

*This is not investment advice.