Bitcoin (BTC) has enjoyed a remarkable rise, surpassing the $57,000 mark and seeing an increase of over 142% year to date. The cryptocurrency's market capitalization also soared to $1.14 billion, reaching levels not seen since December 2021. record level (ATH) of $69,000 in sight, the bullish sentiment around Bitcoin is becoming more and more evident.
Setting your eyes on $100,000 and $200,000.
Prominent Bitcoin maximalist Max Keizer, known for his optimism even during the harshest bear markets, has suggested the possibility of a “God Candle” scenario given current market conditions.
To provide further context, this term describes a large and powerful candlestick pattern on a price chart that indicates a significant and sudden price movement. According to Keizer, if such a trend were to emerge, it could propel Bitcoin towards the $100,000 price level, shattering its previous all-time high..
Traders and analysts interpret a “god candle” as a very bullish signal, reflecting strong buying pressure and the potential for a reversal or continuation of the trend. This often signifies a notable change in market sentiment and catalyzes further price appreciation.
Adding to the optimistic outlook for Bitcoin, crypto analyst Gert van Lagen has projected a goal of $200,000 for BTC. Analyzing the one-week chart, van Lagen notes that the Bitcoin price has been on a “parabolic trajectory” since November 2022 and is on track to reach $200,000 soon.
According to the analyst, this parabolic pattern aligns with previous fifth sub-waves that have historically similarly crossed the blue trendline, as shown in the chart below.
Van Lagen notably points out that a violation of the 78.6% Fibonacci retracement level, which Bitcoin has already crossed, tends to trigger an immediate parabolic spike.
Finally, the analyst highlights the growing risk sentiment in the stock market and the strong correlation between Bitcoin and the S&P500 since the end of 2021 as additional support for this bullish forecast.
Bull market cycle for Bitcoin until 2025?
Peter Brandt, recognized market expert amended his Bitcoin price target in a recent post on social network X (formerly Twitter), raising it from $120,000 to $200,000.
Brandt attributes this adjustment to Bitcoin's recent breakout above the upper boundary of a 15-month channel, indicating a potential bull market cycle through August or September 2025. However, the analyst says a close below last week's low of $50,600 would invalidate this interpretation.
As Brandt points out, the $50,600 price level represents a one-week resistance level for the largest cryptocurrency on the market, which if price correctionAs has happened historically whenever a sudden price rally occurs in BTC price action, Bitcoin would likely retest the $49,900 support level on its weekly chart. A drop towards $47,000 could be imminent in a more extreme scenario.
However, with Bitcoin currently trading at $56,800, up 4.2% in the last 24 hours, its bullish trend appears far from over, which could lead to a parabolic continuation of its price, as van Lagen and other analysts have suggested.
Featured image from Shutterstock, chart from TradingView.com
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