The Bitcoin price has shown a bullish pattern that could cause it to rally to between $150,000 and $170,000. Crypto analyst Gert van Lagen revealed how this could happen and what could come next after this price surge.
Bitcoin Price To Rally To As High As $170,000 Following Wave Formation
The Bitcoin price is set to rally to as high as $170,000 following a wave formation. In an X post, Gert van Lagen revealed that Bitcoin had confirmed blow-off wave 5 within the $150,000 and $180,000 range by recently reaching a new all-time high (ATH) of $109,000. Following this development, the analyst stated that the flagship crypto is now aiming to reach between $150,000 and $170,000.
Once the Bitcoin price rallies to between $150,000 and $170,000, Gert Van Lagen predicts that a retracement to as low as $120,000 will follow, with claims of a top. However, the rally to $170,000 won’t mark the cycle top for the flagship crypto as the analyst there will be another parabolic rally to the upside, which will be the wave v to complete the fifth wave.
Gert van Lagen predicts that the Bitcoin price will rally to as high as $300,000 on the last leg of this cycle, which would end the bull market. His accompanying chart showed that BTC could reach this price target by April. This isn’t the first time the analyst has predicted that the flagship crypto could rally to as high as $300,000. He previously highlighted a cup and handle pattern, which put the final ascent for BTC at this price target.
BTC Rally To $158,000 Still In Play
Crypto analyst Titan of Crypto also provided a bullish outlook for the Bitcoin price, stating that the projected rally to the $158,000 target is still in play. This target came about when he highlighted a bullish pennant forming on BTC’s monthly timeframe. The analyst remarked that Bitcoin could catapult to the moon if this bullish pattern plays out.
Meanwhile, in another X post, Titan of Crypto mentioned that the flagship crypto is back to its bullish momentum as it looks “extremely bullish” on the daily chart. This was based on his Ichimoku Cloud analysis, in which he pointed out that the cloud was turning bullish.
Amid these bullish outlooks for the Bitcoin price, crypto analyst Justin Bennett has warned that the flagship crypto could drop to as low as $91,000. He remarked that Bitcoin pumped into Trump’s inauguration, so there is a good chance that the rally fades from here. The analyst added that BTC is range-bound until proven otherwise and that the January 13th lower wick at $91,000 looks primed for a retest.
At the time of writing, the Bitcoin price is trading at around $105,402, up over 3% in the last 24 hours, according to data from CoinMarketCap.
Source: NewsBTC