Bitcoin Surge $150K to $170K Rally Before a Major Correction
- Bitcoin is expected to surge to $150K-$170K, following its recent all-time high of $109K and strong wave formation.
- After the rally, a short-term correction to $120K is predicted, but another parabolic move could drive Bitcoin to $300K by the cycles end.
- The formation of a bullish pennant and positive Ichimoku Cloud signals suggest Bitcoins momentum is strong.
Bitcoin has traditionally been exhibiting a very bullish trend, with many speculators predicting that it will surge up to a price as high as $150,000-$170,000. Crypto analyst Gert van Lagen unwraps some revelations about this possible upward surge and what might be witnessed in the next several months.
According to van Lagen, the recent price movement of BTC has given a strong indication of wave formation, and the cryptocurrency is on its way to achieving new highs. Bitcoin recently reached an ATH of $109,000, confirming the completion of a blow-off wave 5 in a broader price cycle. The analyst suggests this marks the beginning of a fresh rally that could push Bitcoin toward the $150,000 to $170,000 range.
However, van Lagen warns that though this surge can be big, it would not signal the exhaustion of Bitcoins bullish run. After the rally to between $150,000 and $170,000, he sees a retracement back to as low as $120,000 to mark a short-term correction for the next big move. However, he believes this will not signal that the trend has turned bearish. Instead, he expects another parabolic rally in wave v that completes the fifth wave and increases Bitcoins price.
Looking ahead, van Lagen thinks BTC could blow up to the sensational $300,000 toward the end of this bull cycle. This aligns with his previous analysis, in which he indicated a cup-and-handle pattern that set the stage for a strong upward move. The analyst expects this surge to materialize before the end of April, marking the peak of the current bull market.
Bitcoins Bullish Pennant Signals $158K or $91K Pullback
Complementing this optimistic outlook, fellow crypto analyst Titan of Crypto also points to a bright future for the cryptocurrency. Titan noted that Bitcoins monthly chart had formed a bullish pennant bound to take the cryptocurrency up to the $158,000 target. Titan says BTC could see a meteoric rise into new dimensions if this bullish setup goes according to plan.
In addition, Titan has looked at Bitcoins momentum with the Ichimoku Cloud, which has flipped bullish. According to the crypto expert, the clouds current position strongly indicates that BTC is back in a bullish phase, with the cryptocurrency flashing extremely bullish signals on the daily chart.
However, not all analysts are equally optimistic about the situation. Crypto analyst Justin Bennett is more reserved and believes that Bitcoin may correct its way down as far as $91,000. Bennett first noted that BTC had earlier surged upon Donald Trumps inauguration.
He postulated that what happens now may very well turn into a weakling. Moreover, according to him, Bitcoin remains range-bound until proven otherwise, with the lower wick formed on January 13th at around $91,000, perhaps hinting at a test toward lower levels.
At the time of writing, the price of Bitcoin is $102,871, with a 24-hour trading volume of $64.91B. Market capitalization stands at $2.04 T. The market dominance is 56.94%. In the last 24 hours, the BTC price has gone down by 2.49%.
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Read more: https://www.tronweekly.com/bitcoin-surge-150k-to-170k-rally-before-a/
Text source: TronWeekly
