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Trader Gert van Lagen has ignited conversations among traders with his analysis, suggesting that Bitcoin (BTC) reaching $200,000 is not only possible but could be on the horizon sooner than most anticipate.
As we dissect the Bitcoin chart provided, the previous patterns of Bitcoin’s performance post-all-time-high (ATH) indicate a startling trend: The price has a history of doubling within periods ranging from as short as 10 days to as long as 84 days.
The current Bitcoin market trajectory on the chart showcases a strong bullish pattern, with the cryptocurrency emerging from a consolidation phase known as the “struggle” period. This phase, characterized by a tightening range of highs and lows forming a converging pattern, typically precedes a significant breakout.
By printing an ATH, BTC price doubled within 10, 18 or 84 days.
A move to $200k before the halving gets increasingly more feasible. pic.twitter.com/qmKAbcEtRr
— Gert van Lagen (@GertvanLagen) March 9, 2024
Bitcoin’s recent print of an ATH is a critical development. Historically, such milestones have been succeeded by aggressive bull runs, as indicated by van Lagen’s analysis. The chart highlights a structured market recovery following the “struggle” phase, leading to new highs.
It is this pattern that reinforces the trader’s hypothesis that a move toward the $200,000 mark before the next Bitcoin halving — an event that historically impacts supply and demand dynamics — is becoming increasingly plausible.
Examining the current Bitcoin chart specifics, the support level at $41,000 stands firm, having been tested and held multiple times, signifying a solid base for the cryptocurrency’s valuation. In terms of resistance, Bitcoin is challenging upper bounds, with the psychological barrier of $100,000 being the next notable milestone. Breaking above this level could potentially trigger a parabolic move, supported by the historical price action that follows ATH breakouts.
Under the present circumstances, if Bitcoin continues to follow the historical doubling pattern post-ATH, the argument for a $200,000 price point becomes compelling. This scenario hinges on several factors, including sustained institutional adoption and favorable regulatory developments.
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