Bitcoin Maximalist Forecasts ‘God Candle’ Formation Propelling BTC To $100,000
27 Februar 2024 - 8:00PM
NEWSBTC
Bitcoin (BTC) has witnessed a remarkable ascent, surpassing the
$57,000 mark and recording a year-to-date surge of over 142%. The
cryptocurrency’s market capitalization has also surged towards
$1.14 billion, reaching levels not seen since December 2021. With
the previous all-time high (ATH) of $69,000 within sight, the
bullish sentiment surrounding Bitcoin is becoming increasingly
evident. Setting Eyes On $100,000 And $200,000. Prominent Bitcoin
maximalist Max Keiser, known for his optimism even during the
harshest bear markets, has suggested the possibility of a “God
Candle” scenario given the current market conditions. To provide
further context, this term describes a vast and powerful
candlestick pattern on a price chart that indicates a significant
and sudden price movement. According to Keiser, if such a pattern
were to emerge, it could propel Bitcoin toward the $100,000 price
level, shattering its previous record. Traders and analysts
interpret a “God Candle” as a highly bullish signal, reflecting
robust buying pressure and the potential for a trend reversal or
continuation. It often signifies a notable shift in market
sentiment and catalyzes further price appreciation. Related
Reading: Bitcoin Surges To New 26-Month High, ‘Whales Go Parabolic’
As Analyst Forecasts Rally Toward $60,500 Adding to the optimistic
outlook for Bitcoin, crypto analyst Gert van Lagen has projected a
target of $200,000 for BTC. Analyzing the 1-week chart, van Lagen
notes that Bitcoin’s price has been following a “parabolic
trajectory” since November 2022 and is on track to reach $200,000
soon. According to the analyst, this parabolic pattern aligns
with the previous fifth sub-waves that have historically similarly
intersected the blue trendline, as seen in the chart below.
Notably, van Lagen points out that a breach of the 78.6% Fibonacci
retracement level, which Bitcoin has already crossed, tends to
trigger an immediate parabolic spike. Finally, the analyst
highlights the rising risk-on sentiment in the stock market and the
strong correlation between Bitcoin and the S&P 500 since late
2021 as additional support for this bullish forecast. Bull Market
Cycle For Bitcoin Until 2025? Renowned market expert Peter Brandt
revised his Bitcoin price target in a recent post on social media X
(formerly Twitter), raising it from $120,000 to $200,000.
Brandt attributes this adjustment to Bitcoin’s recent breakthrough
above the upper boundary of a 15-month channel, indicating a
potential bull market cycle until August or September 2025.
However, the analyst says a close below last week’s low of $50,600
would invalidate this interpretation. Related Reading:
Ethereum Outperforms Bitcoin As Institutional Investors Clamor For
ETH Exposure As Brandt points out, the $50,600 price level
represents a 1-week resistance level for the largest cryptocurrency
on the market, which, in the event of a price correction, as has
historically happened whenever a sudden price spike occurs in BTC’s
price action, Bitcoin would likely retest the $49,900 support level
on its weekly chart. A drop towards $47,000 could be imminent in a
more extreme scenario. However, with Bitcoin currently trading at
$56,800, up 4.2% in the last 24 hours, its bullish uptrend seems
far from over, potentially leading to a parabolic continuation of
its price, as van Lagen and other analysts suggested. Featured
image from Shutterstock, chart from TradingView.com
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