Popular market analyst Gert Van Lagen has boldly supported Bitcoin (BTC) to achieve its $300,000 price mark in the current Bull Run. Van Lagen’s forecast comes days after establishing a new all-time high of $111,970, showing strong bullish intentions to maintain the current level of price rise
Last week, the finest cryptocurrencies recorded a modest price rise of 5.35% as US President Donald Trump’s news forced a slight price retreat as tariffs of 50% on imports from the European Union (EU).
Bitcoin’s potential index growth project rises to $300,000
In a post on May 24th, Gert Van Lagen suggests that BTC price action since the last cycle of 2021 has led to the formation of cup and handles, with digital assets at the edge of major price breakouts.
In the context, cup and handles represent a major bullish continuation pattern indicating a potential upward breakout. For Bitcoin, the cup will be formed between late 2021 and early 2024, with price action creating a round bottom, reflecting a decline from around $69,000 from previous history highs, followed by a period of stabilization and recovery, reaching its peak back to its critical level.
After achieving this previous high, the price movement was pulled back, forming a downward or lateral channel known as the handle, setting a stage for price breakout. This is well reflected in Bitcoin price action from early 2024 to the third quarter of 2024.
Notably, Bitcoin has since achieved this breakout from its cup and handle formation by transcending key market resistance at $69,000. Based on linear calculations, Gert Van Lagen is expected to reach its flagship cryptocurrency price target of $120,000-$130,000.
However, Van Lagen points out that the cup and handle pattern also points to an index price target of $300,000. Historically, BTC has previously achieved such a logarithmic target of 100 times between 2013 and 2017 and 21 times between 2018 and 2021.
Furthermore, the new weight of the institution’s capital, particularly following the approval of the Spot Bitcoin ETF in 2024, supports this bullish outlook. However, this institutional participation demonstrates long-term trust, but also reflects BTC maturation. The enormous size of Bitcoin, now a $2 trillion asset, could frequently reduce parabolic movement, despite the fact that crypto market volatility still leaves behind a huge potential for benefits.
BTC price overview
At the time of writing, Bitcoin is trading at $107,794 following a miner increase of 0.64% on past days. On the monthly charts, the best cryptocurrencies report an increase of 16.25% as bull markets last.
ISTOCK featured images, TradingView chart
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