Gert van Lagen, a well-known technical analyst, says there is a good chance that Bitcoin (BTC) will surge in price by over 472% in the next year.

So, as the trader explains in his latest post, the major cryptocurrency currently shows a step-like formation - a pattern, which is characterized by a series of price consolidations followed by upward movements, resembling steps in an ascending trend.

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Amid this formation, which looks a bit like a famous "cup with handle" bull pattern, van Lagen spots an ascending broadening wedge at the potential pre-breakout stage. This technical pattern is worth paying attention to because it breaks to the upside 79% of the time, according to van Lagen, and 67% of the time, it leads to a continuation of the prior trend.

$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

Based on this analysis, the target price for Bitcoin set by the trader is an impressive $300,000 per BTC, which is a 472.44% increase from current levels. This price target shows how much potential there is for growth, which fits with van Lagen's optimistic view of the future of cryptocurrency.

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Meanwhile, on the shorter time frame, the price of Bitcoin has been hovering around $63,500 per BTC for the past four days. Interestingly, this price range aligns with the 200-day simple moving average, a key technical indicator that has proven to be a tough barrier.

As Bitcoin has struggled to break above this moving average, traders would be wise to watch closely for signs of a breakout from here and out of the wedge pattern thereafter.