If Bitcoin Price Repeats Gold’s Bullish Pattern, BTC Could Hit $230K

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As a seasoned researcher with over a decade of experience in financial markets, I’ve seen my fair share of market cycles and trends. The recent surge in Bitcoin price, reminiscent of the Uptober sentiment from years past, has sparked my curiosity once again.

Over the past fortnight, the price of Bitcoin surged from approximately $58,680 to $67,415, marking a 14.5% increase. This rise has rekindled the optimism of October (Uptober sentiment) in the crypto market, hinting at an effort by Bitcoin buyers to break the seven-month period of stagnation. With renewed buying energy, a cryptocurrency analyst forecasts that Bitcoin could potentially reach $230,000 as its trends resemble Gold’s bullish pattern.

Bitcoin Price Shatters 7-Month Consolidation with Whale Influx

In a recent tweet, crypto analyst GertvanLagen revealed that Bitcoin’s price formed a cup and handle pattern similar to the S&P 500 index and Gold’s development before hitting their new high. The three charts showed a similar saucer-shaped recovery and a temporary pullback before triggering a massive rally.

In theory, the graph structure suggests a distinct shift from a falling trend to a consolidation or accumulation phase, which will likely be followed by an upturn or recovery rally. However, prior to a complete recovery, this chart pattern appears to offer a brief pullback or correction, allowing buyers to regain their bullish energy.

When analyzing technical patterns like the CNH (Chinese Yuan/US Dollar), the projected level for a breakout is frequently calculated by taking the size of the “cup” in the pattern and using that measurement to estimate the expected breakout point. If this pattern proves accurate, Lagen’s prediction suggests a significant Bitcoin price surge potentially reaching $230,000.

Cup & Handle cascade: $BTC poised to follow the structural path of SP500 & Gold, eyeing $230k.

As we approach the next few months, if all three – Bitcoin, Gold, and the SP500 – reach their respective goals, I foresee a potential downturn in the crypto market and economy, resembling a crypto winter or economic recession. #MyCryptoJourney #GoldInvestment #SP500Investing #CryptoLife

— Gert van Lagen (@GertvanLagen) October 21, 2024

According to several crypto experts, the mentioned goal lines up well with their long-term forecast for Bitcoin’s price, which they think could realistically reach six digits.

Experts Forecast Six-digit BTC in 2025

Based on predictions from various analysts and industry professionals as reported by crypto aggregator Coingecko, there’s a strong expectation for substantial price growth in the upcoming years for the top-ranking cryptocurrency.

  • Through ARK Invest, Cathie Wood is one of the most bullish on Bitcoin. She forecasts a potential BTC price between $600,000 and $1,500,000 by 2030.
  • Markus Thielen from Matrixport shows a conservative target of $125,000 by the end of 2024, while BitQuant trading and research firm shows a wide range for Bitcoin price prediction of $80,000 – $250,000.
  • Gautam Chhugani from Bernstein shared a Bitcoin price forecast to target $150,000 in 2025, while Matiu Rudolph from Layer One X shows a potential target of $340,000.
  • Mike McGlone of Bloomberg Intelligence forecasts Bitcoin to reach $100,000 by 2026.

BTC Price Forecast: Will $65K Support Hold or Break?

According to a recent tweet from crypto analyst TraderXO, the current price of Bitcoin finds itself close to an important support zone. Notable buying interest can be found within the $65,000 to $66,000 price bracket.

After a recent drop of around $70,000, the Bitcoin price is set to challenge its previously mentioned support level in an attempt to stabilize. If sellers manage to breach this position, the coin’s value might fall by approximately 7.5%, potentially reaching another key support at roughly $62,500.

Instead of slowing down, if Bitcoin breaks out bullishly from around $70,000, it could significantly boost the bullish trend and potentially push the Bitcoin price towards a new all-time high (ATH) above $73,750.

Conclusion:

Bitcoin finds itself at a pivotal moment, where a possible breakaway from the Chinese Yuan (CNH) chart formation could trigger an enormous surge, mirroring the rallies seen in Gold and the S&P 500 index.

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2024-10-23 02:24