Technical Analyst Geert van Lagen считает that the Bitcoin rate will rise to $300,000 thanks to the megaphone pattern.
Get ready for the final pump to $270,000-300,000. The price has broken the upper boundary of the bullish megaphone pattern that has been forming for four years and has been hovering above it for three months, - wrote Gert.
Van Lagen published a chart according to which the Bitcoin market should start a bullish rally after the end of the current consolidation phase, which was also observed, for example, in the period from late 2023 to early 2024. If Gert's forecast comes true, then the result of a powerful pump will cause the price of BTC to soar by at least 177% from its current value.
Bitcoin exchange rate chart showing megaphone pattern
The upcoming upward trend is also supported by a power law model that reflects the correlation between the change in the price of gold and bitcoin. It shows that BTC will rise in price to $2025 in 400,000. But, according to employees of the cryptocurrency mining company Blockware Solutions, this goal will be achieved if three conditions are met:
- US authorities will create a Bitcoin reserve fund;
- The US government will lower the key rate;
- Legal entities will begin to use BTC more actively.
If the above does not come to fruition, then the peak of the Bitcoin rate within the current cycle will be only $150,000. The baseline scenario, taking into account the influence of one or two factors, envisages an increase in the price of BTC to $225,000.
