Now that the Crypto Fear and Greed Index has flipped to Greed, Bitcoin prices have now returned to full bullish sentiment. This shift reflects growing investor confidence as optimism takes hold in the cryptocurrency market. For many investors, this new positive outlook has laid a solid foundation for further gains in Bitcoin prices.
According to one cryptocurrency analyst, the price of Bitcoin is expected to eventually rise to $300,000. Interestingly, this prediction is not only based on the current bullish sentiment, but the analyst also conducted a technical analysis based on the current Bitcoin price trend.
Bitcoin price finally rises
Cryptocurrency analyst Gert van Lagen shared an interesting outlook on Bitcoin and its price action this year on the social media platform X, taking into account the recent U.S. presidential election and its impact on Bitcoin’s price. Speaking about the interesting outlook for Bitcoin’s price, analyst van Lagen stressed that Bitcoin is still on track to reach $250,000 this year.
He expressed his opinion through a funny poem and a play on words about Bitcoin’s price action in August, which he titled #Bitcoin— The Last Rise.” The analyst also shared a BTC price chart with technical analysis.
The core of Van Lagen’s analysis is a detailed study of the cup-and-handle pattern that has been forming on Bitcoin’s price chart since the bear market of 2022. According to his analysis, the “cup” portion of the pattern began to form in early 2022 and finally ended when Bitcoin broke out of its 2021 all-time high in March 2024. The subsequent consolidation phase lasted until October and represents the “handle” portion of the pattern.
With recent inflows pushing bitcoin to new all-time highs, its price has now broken out of a long-standing cup-with-handle pattern, marking the start of what Van Lagen calls the “final up” phase.
What’s Next for Bitcoin?
The cup and handle pattern is often viewed as a bullish continuation signal. A breakout of this pattern usually indicates that an asset is about to experience a significant uptick.
As far as Bitcoin price and its breakout from the cup-with-handle pattern are concerned, Gert van Lagen highlighted a surge to the $300,000 price level. It is worth noting that this outlook is also based on the prediction of a recession in the next six months.
"This is a warning sign we cannot live with. History shows that within six months a recession hits - the clock is running out," he said.
As for the estimated timeline, van Lagen expects the Bitcoin price to reach $250,000 on February 25, followed by $300,000.
At the time of writing, Bitcoin is trading at $74,845. If the price of Bitcoin surges to $250,000 and $300,000, it would represent gains of 235% and 300% from current price levels, respectively.
