Bitcoin Price Prediction: Analyst Targets $320,000 in Wave 5
A crypto specialist says Bitcoin has broken resistance and is headed toward $320,000. Bitcoin has returned to full bullishness, and the crypto fear and greed index currently shows high greed.
Crypto expert Gert van Lagen found a bullish pattern in Bitcoin's price chart, including a verified breakout of the traditional ‘cup-and-handle’ pattern that started a bullish Wave 5 run.
Bitcoin Price Targets $320,000 in Wave 5
Bitcoin's price motion has been spectacular in recent days. As investors flood in, Bitcoin has reached numerous all-time highs. The daily and weekly charts show repeated bullish candles due to continuous demand, indicating strong upward momentum.
Interestingly, these bullish candle patterns confirmed crypto researcher Gert van Lagen's sub-wave 5 prediction. This bullish wave is predicted to be the last sub-wave of a broader Elliot wave upswing that began in January 2023.
Technical analysis reveals that Bitcoin broke out of a cup-and-handle structure during the latest price advance, supporting wave 5. This bullish trend began in 2022. The ‘cup’ section of this pattern started in early 2022 and culminated with Bitcoin's high over $73,700 in March 2024. The pattern's ‘handle’ portion was the consolidation phase till October.
Bitcoin also escaped a bear trap by breaking out of a ‘base 4 step-wise formation,’ according to van Lagen. With this breakthrough established, van Lagen predicts a $220,000–$320,000 goal range. This range is his ‘major sell line,’ where profit-taking may escalate when Bitcoin approaches these upper boundaries.
Bitcoin is now trading at $89,500 with a market valuation of $1.77 trillion and an all-time high of $89,864, up 10.5% in 24 hours. Given this pattern, this record high may not persist. So much strong enthusiasm and influx around Bitcoin that investors don't know when to take profit. Every day to year, the RSI is over 70. The purchasing impetus is high right now.
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