The world of cryptocurrencies is always full of surprises, and recent predictions by a crypto analyst have sent waves through the community. According to the analyst, Bitcoin is poised to experience a dramatic rally to $250,000 before plummeting to unprecedented lows.
Bitcoin’s Journey to $250,000 and Beyond
On October 30, renowned crypto analyst Gert van Lagen shared his insights with over 106,700 followers on X (formerly known as Twitter). He predicted that Bitcoin could experience a staggering drop to approximately $24,000 after reaching the ambitious $250,000 milestone. This prediction challenges the prevailing belief among investors that Bitcoin is immune to such significant crashes, especially with the advent of Spot Bitcoin Exchange Traded Funds (ETFs).
Bitcoin Price Projected To Crash 98%
Lagen’s analysis highlights a critical point: during economic recessions, ETF assets often lose substantial value. He foresees a “blowoff” rally to $250,000, marking a historic moment in Bitcoin’s journey. However, this rally could trigger a massive sell-off as investors begin taking profits, fearing a potential downturn. This scenario could lead to the “shake out of the century,” as Lagen describes it, where Bitcoin’s value could plummet by 98%, bringing it down to a mere $2,000.
This projection implies that Bitcoin, after reaching $250,000, could fall below Ethereum’s current market value, which stands at $2,635, according to CoinMarketCap. The rationale behind this bearish prediction is rooted in Lagen’s analysis of the Syslog scale, which reveals a High-Time Frame (HTF) rising wedge. This pattern suggests a potential price target between $1,000 and $10,000. According to Lagen, if Bitcoin follows this path and dips to $1,000, it may take four halving events for the cryptocurrency to recover its $200,000 high.
BTC’s Current Performance and Future Projections
At present, Bitcoin is trading at $72,433, having experienced a notable 7.8% increase in the past week. Lagen has identified a potential “triangle bearish continuation pattern” in Bitcoin’s price action, which could indicate a looming downward trend.
BTC To Break Above $73,000 And Rally Higher
The analyst has set a short-term target of $71,200 for Bitcoin, suggesting that if the cryptocurrency adheres to the bearish continuation pattern, a significant price decline could be on the horizon. On the other hand, breaking the $73,000 mark could invalidate this pattern, signaling the end of the downtrend and potentially paving the way for stronger upward momentum.
Investors and enthusiasts alike are closely monitoring Bitcoin’s performance as it hovers around the $72,000 mark. As the market remains volatile, only time will tell whether Bitcoin will surpass expectations or face another dramatic downturn.
