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Bitcoin price has shown a bullish pattern that could see it rise between $150,000 and $170,000. Crypto analyst Gert van Lagen revealed how this could happen and what could happen after this price increase.
Bitcoin price rises to $170,000 after wave formation
Bitcoin price is expected to rise to $170,000 after a wave formation. In one X messageGert van Lagen revealed that Bitcoin had confirmed blow-off wave 5 within the $150,000 and $180,000 range by recently reaching a new value. all-time high (ATH) of $109,000. Following this development, the analyst stated that the flagship crypto is now looking to reach between $150,000 and $170,000.
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Once the Bitcoin price rises between $150,000 and $170,000, Gert Van Lagen predicts a retracement to $120,000 will follow, with claims of a top. However, the rally to $170,000 will not be the highlight cycle top for the flagship crypto as an analyst, another parabolic rally will emerge, namely the wave v that will complete the fifth wave.
Gert van Lagen predicts that the Bitcoin price will rise as high as $300,000 in the final phase of this cycle, which would put an end to 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 rise as high as $300,000. He previously emphasized a cup and handle patternwhich placed the final upside for BTC at this price target.
BTC rally to $158,000 is still in play
Crypto analyst Titan of Crypto also gave a bullish outlook for the Bitcoin price, stating that the expected rally towards the $158,000 target is still underway. This target came about when he highlighted a bullish pennant forming on BTC’s monthly time frame. The analyst noted that Bitcoin could catapult to the moon if this bullish pattern were to materialize.
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Meanwhile, Crypto’s Titan mentioned in another X post 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, where he pointed out that the cloud was turning bullish.
Amid this bullish outlook for the Bitcoin price, crypto analyst Justin Bennett has warned that the flagship crypto could fall to $91,000. He noted that Bitcoin played a big role in Trump’s inauguration, so there is a good chance that the rally will disappear from here on out. The analyst added that BTC is range-bound until proven otherwise and that the January 13 lower wick at $91,000 appears ready for a retest.
At the time of writing, the Bitcoin price is trading around $105,402, up over 3% in the past 24 hours. facts from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com