U.Today – Gert van Lagen, a well-known technical analyst, says there is a good chance that (BTC) will increase its price by more than 472% next year.
So, as the trader explains in his latest post, the top cryptocurrency is currently displaying a step formation – a pattern that is characterized by a series of price consolidations followed by upward movements, resembling the steps of an uptrend.
In the middle of this formation, which looks a bit like the famous bullish “cup with handle” pattern, van Lagen spots a widening ascending wedge in the potential pre-breakout stage. This technical pattern is worth paying attention to because it breaks out to the upside 79% of the time, according to van Lagen, and 67% of the time it leads to a continuation of the previous trend.
According to this analysis, the trader's target price for Bitcoin is an impressive $300,000 per BTC, which is a 472.44% increase from current levels. This target price shows the huge growth potential that exists, which fits with van Lagen's optimistic view on the future of cryptocurrencies.
Meanwhile, on the shorter time frame, Bitcoin’s price has been hovering around $63,500 per BTC for the past four days. Interestingly, this price range aligns with the 200-day simple moving average, a key technical indicator that has proven to be a difficult barrier to overcome.
As Bitcoin has struggled to break above this moving average, traders should watch for signs of a breakout from here and out of the wedge pattern thereafter.
This article was originally published on U.Today
