Bitcoin Price Targeting $300,000 After Breaking Out Of 4-Year Bullish Megaphone Pattern
The price of Bitcoin might have taken a hit in the last couple of days but a widely-followed crypto strategist has suggested that the biggest cryptocurrency by market cap is poised for extraordinary growth.
Gert van Lagen predicted that BTC could hit an astronomical $300,000 in the coming months, at least according to one classic technical pattern.
Bitcoin Could Top $270,000-$300,000 In 2025
Dubbed a broadening formation, the bullish megaphone-shaped pattern appears when the price forms higher peaks and lower lows. Historically, a breakout above the megaphone patterns upper boundary sparks a meteoric surge.
In a recent post on X, crypto analyst Gert van Lagen noted that BTC had broken above the patterns upper trendline and has since been consolidating above it.
In an accompanying chart, Lagen pinpoints Base 1, Base 2, Base 3, and Base 4 which represent a step-like accumulation formation that supports a price discovery process before Bitcoins explosive rally.
Base 1 marked the end of the bear market at the megaphones lower boundary. In Base 2, weak hands were shaken out before the flagship crypto recaptured support. Base 3 is characterized by a price expansion phase that confirms the step structure with higher highs. The last phase marks the final consolidation before the breakout, indicating that price discovery has commenced.
Lagen also used the Elliott Wave Theory to speculate Bitcoins future price trajectory, following consecutive accumulation phases within the megaphone pattern.
From his analysis, BTC is currently in Wave 5, which is the final and usually most explosive stage of an impulse wave. Notably, Wave 5 typically increases the length of Wave 3 by between 1.618 times and 2.0 times, corresponding with Fibonacci-based price estimates within the $270,000-300,000 range by 2025-end.
Lagens analysis mirrors the increasing optimism among crypto insiders, who predict a massive rise in Bitcoin price in the coming years. Ark Invest CEO Cathie Wood, for example, stands by her prediction that BTC will reach $1.5 million by 2030.
Text source: ZyCrypto
