A top market analyst has projected the possibility that the price of Bitcoin (BTC) can touch $200,000 before the next halving event.
The analyst, Gert van Lagen shared two basic targets for Bitcoin price covering both bull case and bear case scenarios. With the bull case target of $200,000, he supported his thesis with the Elliott Wave indicator on a weekly chart.
Gert van Lagen is the latest market expert to wade into the Bitcoin price forecast but with a relatively more ambitious forecast compared to the $60,000 call from Mark Mobius, as reported earlier by The Crypto Basic.
The Bitcoin Price Forecast
Based on his post history, Gert van Lagen typically uses Elliott Waves as his go-to tool to determine the shift in Bitcoin corrections. The analyst has marked the $200,000 price target since at least December 16 last year and he notably re-validated this forecast but with a minor twist this time.
The twist involves a likely correction in Bitcoin price to $31,800. According to his disclosure, if BTC drops to this level, it would invalidate the bullish structure. Since the start of this year, Bitcoin’s price has hovered around two extremes ranging from $41,714 to $48,969.37.
While the $30,000 price level is yet to be breached, the cautious call to watch out for the support underscores the uncertainty that lies ahead in the volatile world of crypto.
At the moment, Bitcoin’s price and market capitalization are up by 0.87% to $43,051.07 and $843,746,983,844 with the trading volume hitting a 0.56% jump to $20,916,980,684 respectively.
The Elliot Wave pattern typically features five waves. Data from the accompanying chart shows that the BTC is currently trading within the third wave. The analyst’s projections assert that the token would surge to $83,269 upon completing Wave 3. This would mark a new all-time high for BTC.
However, Gert van Lagen’s projections suggest that the fourth wave would culminate with Bitcoin collapsing from the $80K+ territory to the $54,000 zone. The analyst expects BTC to hit the $200,000 when it completes Wave 5.
While it is a steep growth track from current level to the $200,000 target from the analyst, he believes the target is generally not too steep for the top coin.
Bitcoin Halving as Catalyst
The emergence of the spot Bitcoin Exchange Traded Fund (ETF) product initially served as the reference catalyst that many analysts hinged on to drive the price of Bitcoin to new highs. However, Bitcoin has relatively underperformed compared to expectations, and this leaves the forthcoming Bitcoin halving as the next crucial trigger that can fuel price gains.
The halving event is scheduled for sometime in April and historically, investors might go on an accumulation spree leading to the event, thus informing the mega target set by Gert van Lagen.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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