Widely followed crypto analysts have suggested that Bitcoin (BTC) is preparing for an explosive move in the foreseeable future. This is based on technical setups that have appeared on the top crypto’s price chart.
BTC Price Pattern Hints At A Big Breakout
When trying to predict the future price of Bitcoin, it’s only possible to do so by first looking at its past. No matter how it’s analyzed, the cyclical nature of the asset’s price movement can’t be overlooked especially when considering its infamous “boom and bust” cycles.
One popular technical analyst known on Twitter (aka X) as Gert van Lagen, has identified a step-like formation on Bitcoin’s chart. This pattern is often characterized by multiple price consolidations followed by upside movements, similar to steps in an ascending trend.
Amid this formation, which resembles the classic cup-and-handle bullish continuation pattern, van Lagen highlights an ascending broadening wedge at the potential pre-breakout level. This pattern is notable as it has historically preceded major price moves 79% of the time, per the pundit. Moreover, it leads to a continuation of the prior trend 67% of the time.
As such, the independent analyst, based on this analysis, targets a price of Bitcoin of an eye-watering $300,000 in 2025.
$BTC [1W] Step-like formation Update Bitcoin is forming an ascending broadening wedge at Base 4, which breaks to the upside 79% of the time. 67% of the time it's a continuation pattern and the trend is up. Target zone ~$300k at sell line. pic.twitter.com/GnCEGKvgUS
— Gert van Lagen (@GertvanLagen) September 23, 2024
BTC is trading for around $63,800 at press time, down 13.4% since its trip to $73,737 in March. The largest crypto by market valuation would need to jump by over 470% from current levels to reach Van Lagen’s lofty target.
Bitcoin’s Puell Multiple Flashes Bullish Signal
Adding to the bullish outlook is Bitcoin’s classic on-chain metric, the Puell Multiple, which is now hovering in the green zone for the first time since the end of the 2022 bear market on Sept. 11. Historical data shows the indicator enters the green zone in the last leg of the bear market, after which the bearish momentum ebbs.
CryptoQuant contributor Darkfost recently described the green zone label as a “strong reversal signal”, suggesting the worst is behind us.
“Historically, when the green zone was reached, it was followed by an upward price movement,” Darkfost posited in the blog post.
If history is a guide, we might witness triple-digit percentage gains in the coming months.
