Analysts are predicting that in the next bull cycle Bitcoin is heading for a big price jump, reaching $300,000. He added that the predictive power of these two price patterns lies behind his prediction: the bullish megaphone pattern and the parabolic step-like formation.
What is the Bullish Megaphone Pattern?
It is a pattern that appears as a megaphone, with prices making higher highs and lower lows over time. When it appears, it usually means that quite some price action happens, followed by a grand breakout to the upside. Van Lagen states that Bitcoin has already broken free of the pattern. For the past three months, it has yet to drop beneath the upper boundary and so this level is now acting as a support zone. This may suggest that Bitcoin was setting up for a massive price rally.
Step-by-Step Price Growth
Van Lagen also observed a parabolic step like formation. Basically, the best way to look at it is that it’s like going up stairs, one price level, or price base at a time before moving on to the next level. This is often a sign that the price is about to surge. Bitcoin is now at the final step, called Base 4, and he says its going to blast up to $270,000 to $300,000.
Historical Patterns and Bullish Signals
A similar pattern referred to as the ascending broadening wedge has been indicated by another analyst. It’s been a big price breaker about 79% of the time in the past. Bitcoin on-chain metric the Puell Multiple is also in a green zone indicating the end of the bear market and the beginning of the price bullish movement.
The history of Bitcoin’s price is cyclical in traversing from up to down. Some analysts even compare its current behavior to gold’s historic price growth. Bitcoin is quickly turning into a popular store of value like gold, with the big companies and financial institutions adding it to their portfolios.
Bitcoin has been at around $96,000 at press time. Nonetheless, if these tendencies will proceed, analysts predict the subsequent big value transfer to maneuver Bitcoin to recent highs, and $300,000 may very well be an attainable goal by 2025. So, everyone will watch closely if these predictions come true.
Also read: Raoul Pal’s Bold Bitcoin Prediction: Will BTC Hit $500K by 2025?
