Bitcoin (BTC) price might be on its way to $200,000 according to a top technical analyst and market trader Gert van Lagen. The crucial timeline set by van Lagen is the forthcoming Bitcoin Halving event in the early second quarter. 

The Bitcoin (BTC) price growth logic

As showcased by Gert van Lagen, the market trader’s gaze is gradually shifting away from the potential impact of spot Bitcoin Exchange Traded Fund (ETF) products in the market. Notably, this utility focus is now based on the fundamental on-chain emergence of Bitcoin halving.

In justifying the push for the mega price forecast, Gert van Lagen used the Elliott Wave indicator as the backing indicator. He believes the invalidation case may drag it down to $31,800. While his prediction is based on the Bitcoin price chart on the weekly timeframe, he noted that the asset could also fit into higher time frames to properly validate the projections of the Elliott Wave Structure.

$BTC [1W]
Elliottwave-count parabolic move to $200k before halving.

Invalidation: drop to $31.8k pic.twitter.com/C34Rt6u6CE

— Gert van Lagen (@GertvanLagen) January 15, 2024

Weeks ago, the clamor in the financial world hinged on how to spot Bitcoin ETF would boost sentiment to help push the Bitcoin (BTC) price to new highs. Riding on the potential at the time, many market experts gave optimistic price predictions as expectations entailed institutional money would flow into the market, scoop up BTC on exchanges, and create a supply crunch that might send the price of the coins soaring.

These expectations are not materializing at the moment with the price of Bitcoin dropping as low as $41,705.42 as bears went on a selling spree.

Is all hope for mega surge lost?

Bitcoin is an asset whose luster is hard to fade off irrespective of the downturn in the market. The Bitcoin (BTC) price trend has shown major extremities in recent years, soaring from around $16,000 in January 2023 to more than $48,000 last week.

Though defined by extreme volatility compared to other assets whose spot ETFs currently trade in the industry, Bitcoin has its strength which is the capped supply that will usher in the liquidity crunch at some point in the future.

Irrespective of the backlash and capitulation ongoing at the moment, Bitcoin (BTC) price is poised to form a solid support above $42,000 and chart a major growth toward and beyond its All-Time High (ATH) in the long term.

The post Bitcoin (BTC) Price to $200K Before Halving, Top Trader Predicts appeared first on CoinGape.

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