Top crypto analyst Gert van Lagen believes that Bitcoin price can reach as high as $200,000 before the halving event scheduled for mid-April.

The Fibonacci Indicator Tip

Lagen noted that it is inevitable for Bitcoin price to enter the $200,000 zone pre-halving. He draws his stance from the fact that one of the core market metrics known as the Fibonacci level recently broke through the 78.6% level. To put it in perspective, he highlighted that this has never happened in the past, especially not when a halving event is around the corner.

With the Fibonacci metric reaching this new level only two months away from the halving event, Lagen may be right about a huge market boost for Bitcoin price. In addition, the flagship cryptocurrency has been exhibiting a positive momentum, although it has had some equally unpleasant days in recent times. 

Bitcoin had previously been on the $38,000 level for a while but all of a sudden, the coin got a big boost from market whales and traders. In no time, BTC topped $50,000 and this feat was largely attributed to several factors including the billions of dollars in Bitcoin ETF inflows this year. Additionally, bullish options and futures market trends were all also believed to be signaling strong investor confidence.

Bitcoin Price Breezes Past $51,000

Surging past $50,000 was new for Bitcoin as it had not reached this level since December of 2021. Analysts believe that the influx of investments into spot Bitcoin ETFs has bolstered Bitcoin’s price, with the market witnessing a surge in bullish sentiment, a trend that is notably impacting altcoins as well.

Earlier, Bitcoin took its bull stance a notch higher by further moving past the $50,000 level. At the time of this writing, the Bitcoin price was pegged at $51,474.11 with a 4.74% increase within the last 24 hours. 

Considering the pace at which the leading digital asset is moving and the observed trend of the Fibonacci level, the broad crypto industry may be a few months away from experiencing Lagen’s prediction.

Several other analysts share a similar stance with Lagen in terms of Bitcoin price and pre-halving. Last week, crypto swing trader Michaël van de Poppe identified that Bitcoin price will pick up pace in the coming months preceding the halving event. It is worth noting, however, that the market is largely unpredictable and these forecasts may or may not turn out as projected.

The post Bitcoin (BTC) Price to $200K? Analyst Uncovers Technical Proof appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am