So, as the trader explains in his latest post, the major cryptocurrency currently shows a step-like formation – a pattern, which is characterized by a series of price consolidations followed by upward movements, resembling steps in an ascending trend.
Amid this formation, which looks a bit like a famous “cup with handle” bull pattern, van Lagen spots an ascending broadening wedge at the potential pre-breakout stage. This technical pattern is worth paying attention to because it breaks to the upside 79% of the time, according to van Lagen, and 67% of the time, it leads to a continuation of the prior trend.
Based on this analysis, the target price for Bitcoin set by the trader is an impressive $300,000 per BTC, which is a 472.44% increase from current levels. This price target shows how much potential there is for growth, which fits with van Lagen’s optimistic view of the future of cryptocurrency.
Meanwhile, on the shorter time frame, the price of Bitcoin has been hovering around $63,500 per BTC for the past four days. Interestingly, this price range aligns with the 200-day simple moving average, a key technical indicator that has proven to be a tough barrier.
As Bitcoin has struggled to break above this moving average, traders would be wise to watch closely for signs of a breakout from here and out of the wedge pattern thereafter.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
