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Bitcoin is showing signs of a significant price surge, with some projecting it could reach $260,000 by the end of 2024. Despite Bitcoin briefly surpassing $62,000 in August, its price has faced challenges in maintaining bullish momentum. However, Gert van Lagen, an independent technical has highlighted a for a substantial breakout.
Van Lagen notes the formation of a parabolic curve in {Bitcoin} (BTC) price action, suggesting a strong upward trajectory. The chart displays a rare Cup-and-Handle (CnH) pattern on the weekly timeframe, which has been developing since October 2021. This pattern, known for its high success rate of 95% according to trader Tom Bulkowski, typically indicates a trend reversal and a subsequent price increase.
The parabolic curve shows Base 1 at the market bottom in November 2022, followed by Base 2, which saw a recovery from $15,460 to $25,290. Base 3 emerged with Bitcoin consolidating between $30,000 and $25,000 from April to September 2023. Bitcoin then experienced a notable rise of 198%, reaching an all-time high of $73,737 in March 2024. The current phase, Base 4, is nearing a breakout, signaling the final stage of the parabolic curve and the CnH pattern.
Once Bitcoin surpasses Base 4, van Lagen anticipates a “steep ascent,” potentially resulting in a price exceeding $260,000 by the end of 2024. This projection reflects a 312% increase from current levels.
Additionally, significant short liquidations are expected if Bitcoin’s price crosses $70,493, with over $7 billion in short positions potentially being liquidated. Current data indicates a strong bullish sentiment among traders, despite recent price fluctuations.
Other such as Jame Coutts from Real Vision, and Bitcoin researcher Smithson With, also foresee substantial price movements for Bitcoin. Coutts refers to a “banana zone” rally, where significant price and volume increases could drive further gains. Smithson With’s analysis supports a minimum price of $164,173 by early 2025, aligning with the broader expectations of rapid price escalation following a breach of Bitcoin’s previous all-time high.
