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Bitcoin ‘close to breakout’ as this formation puts next target at $320,000
The post Bitcoin ‘close to breakout’ as this formation puts next target at $320,000 appeared on BitcoinEthereumNews.com. Amid Bitcoin’s (BTC) struggle to break past $70,000, a crypto technical analyst has stated that recent price movements suggest that the digital asset has the potential for a massive breakout. Particularly, in an X post on July 29, the analyst, Gert van Lagen, noted that Bitcoin appears to be on the verge of a significant breakout, with its next potential target ranging between $240,000 and $320,000. This bullish outlook is highlighted by a compelling “Cup & Handle” formation on Bitcoin’s weekly chart. Notably, this pattern is typically seen as a bullish continuation pattern, indicating that the price is likely to continue in its current trend. In this case, Bitcoin’s price has formed a large, rounded bottom (the “cup”), followed by a consolidation period (the “handle”), which suggests an impending breakout. A crucial aspect of this analysis is the Elliott Wave theory, which is applied to price movements. The analysis shows a clean i-ii-iii-iv-v Elliott wave sequence, the lower-order fractal of the larger (4)-(5) wave. This sequence suggests that Bitcoin is completing a five-wave pattern, which typically indicates a strong trend continuation. Bitcoin price analysis chart. Source: TradingView Bitcoin price levels to watch According to Lagen, the key levels to watch are the bottom of the flag at around $54,344.11 and the breakout point at approximately $71,124.50. These points are used as the measuring criteria to determine the target range of $240,000 to $320,000. Notably, if the price breaks out from the handle of the cup and surpasses the $71,124.50 level, it could set the stage for a monumental rally towards the $320,000 mark. This potential breakout would mark a significant milestone in Bitcoin’s price history and could attract a new wave of institutional and retail investors. Indeed, despite Bitcoin’s initial bullish march towards $70,000, the maiden crypto was derailed by…
The post Bitcoin ‘close to breakout’ as this formation puts next target at $320,000 appeared on BitcoinEthereumNews.com.
Amid Bitcoin’s (BTC) struggle to break past $70,000, a crypto technical analyst has stated that recent price movements suggest that the digital asset has the potential for a massive breakout. Particularly, in an X post on July 29, the analyst, Gert van Lagen, noted that Bitcoin appears to be on the verge of a significant breakout, with its next potential target ranging between $240,000 and $320,000. This bullish outlook is highlighted by a compelling “Cup & Handle” formation on Bitcoin’s weekly chart. Notably, this pattern is typically seen as a bullish continuation pattern, indicating that the price is likely to continue in its current trend. In this case, Bitcoin’s price has formed a large, rounded bottom (the “cup”), followed by a consolidation period (the “handle”), which suggests an impending breakout. A crucial aspect of this analysis is the Elliott Wave theory, which is applied to price movements. The analysis shows a clean i-ii-iii-iv-v Elliott wave sequence, the lower-order fractal of the larger (4)-(5) wave. This sequence suggests that Bitcoin is completing a five-wave pattern, which typically indicates a strong trend continuation. Bitcoin price analysis chart. Source: TradingView Bitcoin price levels to watch According to Lagen, the key levels to watch are the bottom of the flag at around $54,344.11 and the breakout point at approximately $71,124.50. These points are used as the measuring criteria to determine the target range of $240,000 to $320,000. Notably, if the price breaks out from the handle of the cup and surpasses the $71,124.50 level, it could set the stage for a monumental rally towards the $320,000 mark. This potential breakout would mark a significant milestone in Bitcoin’s price history and could attract a new wave of institutional and retail investors. Indeed, despite Bitcoin’s initial bullish march towards $70,000, the maiden crypto was derailed by…
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