Trader Gert van Lagen has presented a bold bet prediction that Bitcoin could rise to a dizzying $200,000 before the network’s next halving event.
Trader Gert van Lagen has presented a bold bet prediction that Bitcoin could rise to a dizzying $200,000 before the network’s next halving event.
Citing Elliott Wave Theory as the backbone of his prediction, van Lagen’s forecast hinges on a critical support level at $31,800; if it falls below that level, it’s back to the drawing board.
Amid a sea of speculators and market analysts, Bitcoin is currently trading at a modest $42,396.33, up more than 1.1%.
A major increase before halving?
The graph attached to van Lagen’s prediction shows a classic Elliott wave sequence, which posits that markets move in predictable, repetitive cycles influenced by investor psychology.
These cycles are composed of a five-wave trend followed by a three-wave corrective period.
According to van Lagen’s analysis, Bitcoin has embarked on a parabolic journey, currently in its fifth and final wave, aiming towards a target of $200,000.
This bullish trend, supported by theory, suggests an aggressive accumulation phase by investors before the halving.
However, Elliott wave theory should be approached with a healthy dose of skepticism. Its main criticism lies in its subjectivity: different traders may interpret the patterns differently, which may lead to different predictions that may not necessarily be accurate.
The big names remain optimistic
After Bitcoin recently faltered below the $42,000 mark, market participants are apparently turning less greedy.
The recent introduction and subsequent cooldown of Bitcoin ETFs has been a wild ride, with a rise to $49,000 followed by a fall as traders took profits.
But not everyone is looking to withdraw money. Big names are still in the ring, with Anthony Scaramucci releasing a strong prediction that the price of Bitcoin will not only regain its peak but surpass it by the end of next year.
