The long-term bullish trajectory of Bitcoin ($BTC) stays intact as the crypto has surged for another time. As per the crypto analyst Gert van Lagen, Bitcoin has bounced off a 4-year-old reverse Head and Shoulders price pattern’s neckline, suggesting its latest target at the $300,000 level. The analyst took to social media to discuss the ongoing continuation of the Bitcoin bull market.
Bitcoin Bull Run Remains Intact with Next Price Target Set at $300K
Gert van Lagen thinks that with a continuous price surge, Bitcoin now looks at $300K as the next price target. Recently, Bitcoin has validated a breakout from the inverse H&S pattern, which is a reversal bullish reversal formation. The respective structure reportedly took place at the neckline, indicating Bitcoin to be poised for an expedited uptrend. Combined with an apparent step-like pattern, the breakout from the H&S pattern signifies Bitcoin’s potential parabolic rally analogous to former bull market cycles.
The analytics point out that the parabolic comes after a base-building procedure, where every higher base precedes swift price appreciation. Additionally, Bitcoin seems to be in the conclusive phase of the respective formation. Historically, such a development has been leading to a near-verticle move before touching a crucial peak.
The analyst has also given a 15-year symmetrical channel target. In this respect, the 1st three stages include Discovery Phase, Sharp Correction, and Momentum Phase. The 1st stage ranged between 2009 and 2011 while the 2nd stage occurred in 2011. However, the 3rd stage lasted from 2012 to 2017. Following that, Flat Correction and Blow-off Top are the 4th and 5th stages occurring during the 2018-2019 and 2019-2025 ranges respectively.
Weekly Close Lower than $73,800 Mark Would Overturn Bullish Setup
Irrespective of the present bullish outlook, Gert van Lagen has stressed a crucial invalidation level. Thus, a weekly close lower than $73,800 would reportedly invalidate the bullish setting and could result in a lengthy correction. Hence investors should be careful about the macroeconomic factors.
