{"id":652704,"date":"2024-11-12T22:30:55","date_gmt":"2024-11-12T22:30:55","guid":{"rendered":"https:\/\/uniquehot.com\/?p=652704"},"modified":"2024-11-12T10:25:30","modified_gmt":"2024-11-12T10:25:30","slug":"bitcoin-price-320000-target","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-320000-target\/","title":{"rendered":"Bitcoin Price Prediction: Analyst Sets $320,000 Target As Wave 5 Begins"},"content":{"rendered":"

The Bitcoin price has <\/span>finally broken out of resistance<\/span><\/a> and is on a journey to the $320,000 threshold, according to a crypto analyst. Notably, the Bitcoin price has now returned into a full bullish sentiment, with the crypto fear and greed index now <\/span>pointing to extreme greed<\/span><\/a>.<\/span><\/p>\n

In a recent technical analysis, crypto analyst Gert van Lagen identified a bullish pattern in Bitcoin’s price chart, specifically pointing to a confirmed breakout of the classic \u2018cup-and-handle\u2019 pattern formation that has essentially kicked off a bullish Wave 5 run.<\/span><\/p>\n

Bitcoin Price Sets Sights On $320,000 As Wave 5 Begins<\/h2>\n

Bitcoin’s price action has been<\/span> nothing short of impressive <\/span><\/a>in the past few days. Notably, the Bitcoin price has <\/span>created multiple all-time highs<\/span><\/a> in quick succession, as many investors start to pour in. This sustained demand has created successive bullish candles on both the daily and weekly charts, illustrating a continued strong upward momentum.<\/span><\/p>\n

Related Reading: Dogecoin Price To $1 Soon? Textbook Weekly Golden Cross Shows What\u2019s Coming Next<\/a><\/div>\n

Interestingly, these bullish candle formations have validated what crypto analyst Gert van Lagen<\/span> called the start <\/span><\/a>of a sub-wave 5 formation. This wave, which is known to be bullish, is expected to be the final sub-wave formation in a larger Elliot wave uptrend that has been in play since January 2023.\u00a0<\/span><\/p>\n

Supporting the possibility of the wave 5 formation, technical analysis of the Bitcoin price formation shows that the recent price rally has seen Bitcoin breaking out of a cup-and-handle formation. This pattern, which is known to be bullish, has been in formation since 2022. The \u2018cup\u2019 portion of this pattern began forming in early 2022 and eventually ended with Bitcoin\u2019s peak above $73,700 in March 2024. The subsequent consolidation phase, which lasted until October, represents the \u2018handle\u2019 segment of the pattern.<\/span><\/p>\n

In addition to this, Bitcoin has managed to break free from what van Lagen described as a \u2018base 4 step-wise formation,\u2019 effectively shaking off a bear trap. With this breakout now confirmed, van Lagen’s analysis points to a projected target range between $220,000 and $320,000. This range marks what he considers a \u2018major sell line,\u2019 which is a zone where profit-taking might intensify as Bitcoin reaches these upper limits.<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n
Related Reading: This Crypto Trader Correctly Called Dogecoin Price Break Above $0.3 Back In October, The True Target Will Shock You<\/a><\/div>\n

Current State Of BTC<\/h2>\n

At the time of writing, Bitcoin is trading at $89,500 with a market cap of $1.77 trillion and an all-time high of $89,864, having increased by about 10.5% in the past 24 hours. However, given this trend, this all-time high <\/span>might not last long<\/span><\/a>. The bullish sentiment and inflow surrounding Bitcoin has been so massive that investors <\/span>don’t know when to take profit<\/span><\/a> at the moment. The RSI is above 70 on every single timeframe from the daily to the yearly. This shows <\/span>how strong the buying momentum<\/span><\/a> is at the moment.<\/span><\/p>\n

Nevertheless, the momentum is expected to continue, with the next target at $90,000 and another at $100,000. A move to Gert van Lagen’s target of $220,000 to $320,000 will represent a 145% and 255% increase, respectively, from the current price.<\/span><\/p>\n

\"Bitcoin
BTC price struggling to hold $88,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price has finally broken out of resistance and is on a journey to the $320,000 threshold, according to a crypto analyst. Notably, the Bitcoin price has now returned into a full bullish sentiment, with the crypto fear and greed index now pointing to extreme greed. In a recent technical analysis, crypto analyst Gert van Lagen identified a bullish pattern in Bitcoin’s price chart, specifically pointing to a confirmed breakout of the classic \u2018cup-and-handle\u2019 pattern formation that has essentially kicked off a bullish Wave 5 run. Bitcoin Price Sets Sights On $320,000 As Wave 5 Begins Bitcoin’s price action has been nothing short of impressive in the past few days. Notably, the Bitcoin price has created multiple all-time highs in quick succession, as many investors start to pour in. This sustained demand has created successive bullish candles on both the daily and weekly charts, illustrating a continued strong upward momentum. Related Reading: Dogecoin Price To $1 Soon? Textbook Weekly Golden Cross Shows What\u2019s Coming Next Interestingly, these bullish candle formations have validated what crypto analyst Gert van Lagen called the start of a sub-wave 5 formation. This wave, which is known to be bullish, is expected to be the final sub-wave formation in a larger Elliot wave uptrend that has been in play since January 2023.\u00a0 Supporting the possibility of the wave 5 formation, technical analysis of the Bitcoin price formation shows that the recent price rally has seen Bitcoin breaking out of a cup-and-handle formation. This pattern, which is known to be bullish, has been in formation since 2022. The \u2018cup\u2019 portion of this pattern began forming in early 2022 and eventually ended with Bitcoin\u2019s peak above $73,700 in March 2024. The subsequent consolidation phase, which lasted until October, represents the \u2018handle\u2019 segment of the pattern. In addition to this, Bitcoin has managed to break free from what van Lagen described as a \u2018base 4 step-wise formation,\u2019 effectively shaking off a bear trap. With this breakout now confirmed, van Lagen’s analysis points to a projected target range between $220,000 and $320,000. This range marks what he considers a \u2018major sell line,\u2019 which is a zone where profit-taking might intensify as Bitcoin reaches these upper limits. Related Reading: This Crypto Trader Correctly Called Dogecoin Price Break Above $0.3 Back In October, The True Target Will Shock You Current State Of BTC At the time of writing, Bitcoin is trading at $89,500 with a market cap of $1.77 trillion and an all-time high of $89,864, having increased by about 10.5% in the past 24 hours. However, given this trend, this all-time high might not last long. The bullish sentiment and inflow surrounding Bitcoin has been so massive that investors don’t know when to take profit at the moment. The RSI is above 70 on every single timeframe from the daily to the yearly. This shows how strong the buying momentum is at the moment. Nevertheless, the momentum is expected to continue, with the next target at $90,000 and another at $100,000. A move to Gert van Lagen’s target of $220,000 to $320,000 will represent a 145% and 255% increase, respectively, from the current price. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":649547,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-652704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Price Prediction: Analyst Sets $320,000 Target As Wave 5 Begins<\/title>\n<meta name=\"description\" content=\"The Bitcoin price has finally broken out of resistance and is on a journey to the $320,000 threshold, according to a crypto 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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