Top crypto analyst Gert van Lagen expects Bitcoin price to reach as high as $200,000 before the halving scheduled for mid-April.
The Fibonacci Indicator Tip
Lagen noted that this was inevitable Bitcoin price to enter the $200,000 zone before the halving. He bases his stance on the fact that one of the key market indicators, the so-called Fibonacci level, recently broke through the 78.6 percent mark. To put it in perspective, he emphasized that this has never happened in the past, especially with a halving coming up.
With the Fibonacci metric reaching this new level just two months before the halving, Lagen could be right about a huge market boost for the Bitcoin price. Furthermore, the flagship cryptocurrency is showing positive momentum, even though it has experienced some equally unpleasant days recently.
Previously, Bitcoin was at the $38,000 level for a while, but suddenly the coin got a big boost from market whales and traders. In no time, BTC has crossed the $50,000 mark and this performance was largely attributed to several factors, including the billions of dollars in Bitcoin ETF inflows this year. Additionally, bullish trends in the options and futures markets were all believed to signal strong investor confidence.
Bitcoin price breaks $51,000
The rise above $50,000 was new for Bitcoin as it had not reached this level since December 2021. Analysts believe that the influx of investments into spot Bitcoin ETFs has strengthened the price of Bitcoin, with the market witnessing a surge in bullish sentiment, a trend that has a notable impact on altcoins as well.
Previously, Bitcoin had extended its bullish stance even further Crossing the $50,000 mark. At the time of writing, Bitcoin price was $51,474.11, up 4.74% in the last 24 hours.
Given the speed at which the leading digital asset moves and the observed trend of the Fibonacci level, it could be that the broader crypto industry is still a few months away from Lagen's prediction.
Several other analysts share a similar stance to Lagen regarding Bitcoin price and the halving ahead. Last week, crypto swing trader Michaël van de Poppe noted that Bitcoin price will rise Pick up the pace in the coming months before the halving event. However, it should be noted that the market is largely unpredictable and these forecasts may not turn out as expected.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-world applications of blockchain technology and innovations to drive mainstream adoption and global integration of the new technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and websites. Benjamin Godfrey is a lover of sports and farming. Follow him on Twitter, Linkedin
The content presented may contain the personal opinions of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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