Despite Bitcoin's struggles, one analyst believes BTC is approaching a potential breakout milestone that could lead to a six-figure price.
Gert van Lagen, an independent technical analyst, believes that Bitcoin's current price action will eventually lead to an explosive outcome. Van Lagen highlighted the formation of a parabolic curve, in which BTC continues to rise in a stair-step manner.
The chart also highlights a rare “Cup and Handle” (CnH) pattern on the weekly chart – which has been forming for nearly three years, since October 2021.
Bitcoin's CnH model is about to enter a strong breakout phase. Source: X
On the parabolic curve, base 1 was formed at the market Dip in November 2022. The price recovery from $15,460 to $25,290 confirmed base 2. Bitcoin's sideways consolidation between $30,000 and $25,000 in April 2023 and September 2023 confirmed base 3.
Bitcoin then saw its first parabolic increase of 198%, reaching a new ATH of $73,737 in March 2024.
Over the past few weeks, the BTC/USD chart has been showing the formation of a base 4 – the final stage of a parabolic curve. Base 4 is also the “handle” part of the CnH pattern, which is approaching a simultaneous breakout.
As Bitcoin breaks above the 4 base level, the analyst predicts “this is the strongest bull run BTC has ever seen.”
By the end of 2024, the price target will be above $260,000, a 312% increase from the current price of BTC.
Source: CoinGlass
As observed, Short liquidations amounted to $7.18 billion at that price as of August 27. Similarly, at $72,581, another $6.54 billion in Short positions would have been liquidated.
However, Longing/ Short accounts have turned strongly bullish over the past 24 hours despite the BTC price drop.
Bitcoin Longing/ Short Accounts on Binance. Source: CoinGlass
The data shows that 57.19% of accounts are currently Longing. However, the taker buy/sell volume among traders on each side is very balanced, as the Longing/ Short ratio is currently still at 1.01.
Real Vision analyst Jame Coutts has predicted that BTC price will enter “batshit season” or “banana zone” with a target of $150,000.
Banana zone is defined as a parabolic rally where price and volume witness a significant escalation, triggering general market interest and thus, continuing the exponential upward momentum.
Additionally, Smithson With, a Bitcoin researcher, also Chia a study that correctly predicted Bitcoin's top from previous bull cycles. With's price target changes throughout 2025, but the minimum expected price is $164,173 on January 1, 2025.
Overall, these predictions follow a similar pattern, where BTC is expected to move rapidly once the previous All-Time-High is broken.
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According to Cointelegraph
