According to Gert van Lagen, a leading technical analyst and market trader, the price of Bitcoin (BTC) could rise to $200,000. The crucial timetable set by van Lagen is the upcoming one Bitcoin halving event in the early second quarter.
The price growth logic of Bitcoin (BTC).
As Gert van Lagen has outlined, market traders' gaze is gradually turning away from the potential impact of spot Bitcoin exchange-traded fund (ETF) products on the market. What is noteworthy is that this utility focus is now based on the fundamental emergence of on-chain Bitcoin halving.
To justify the push for the mega price prediction, Gert van Lagen used the Elliott Wave indicator as a background indicator. He expects the invalidation case could reduce the amount to $31,800. While his prediction is based on the Bitcoin price chart on the weekly time frame, he noted that the asset could also fit into higher time frames to properly confirm the Elliott wave structure predictions.
Weeks ago, the financial world was all about how Bitcoin ETFs could boost sentiment and drive the price of Bitcoin (BTC) to new highs. Due to the potential at the time, many market experts made optimistic price predictions as they expected institutional money to flow into the market, accumulating BTC on exchanges and causing a supply shortage that could drive up the price of the coins.
This Expectations are not fulfilled At the moment, the price of Bitcoin fell as low as $41,705.42 as bears went on a selling spree.
Is all hope for a mega increase lost?
Bitcoin is an asset whose shine is unlikely to fade despite the market downturn. Bitcoin (BTC) price trends have shown great extremes over the past few years, rising from around $16,000 in January 2023 to over $48,000 last week.
Although Bitcoin has extreme volatility compared to other assets whose spot ETFs are currently trading in the industry, it has its strength, namely limited supply, which will lead to a liquidity crisis at some point in the future.
Independently of Backlash and capitulation are currently ongoingBitcoin (BTC) price is poised to form solid support above $42,000 and witness strong long-term growth towards its all-time high (ATH) and beyond.
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