Bitcoin Price Shatters 7-Month Consolidation with Whale Influx

In the last two weeks, the Bitcoin price rallied from $58,680 to $67,415, registering a 14.5% growth. This upswing restores the Uptober sentiment

Bitcoin price attempts to sustain above $67k after rallying from $58k in the last two weeks. Amid renewed buying strength, a crypto analyst predicted a BTC price surge to $230k as its price action mimics Gold’s bullish pattern.

Bitcoin Priceを目指して $230K Surges to Hit Targets Like S&P 500, Gold, Analyst Says

Bitcoin price registered a remarkable two-week rally from $58,680 to $67,415, signaling a 14.5% growth. As BTC price attempts to sustain above the two-thirds Fibonacci extension level, a crypto analyst predicted a BTC price surge to $230k as its price action mimics Gold’s bullish pattern.

Bitcoin price displayed strength in the last two weeks with a breakout from a "cup and handle" pattern. Now trading near $67k, a crypto analyst predicted a BTC price rally to $230k if it follows Gold’s price pattern before hitting a new high in 2023.

Bitcoin Price Surges to Hit Targets Like S&P 500, Gold, Analyst Says

In a recent tweet, crypto analyst GertvanLagen revealed that Bitcoin’s price formed a cup and handle pattern similar to the S&P 500 index and Gold’s development before hitting their new high. The three charts showed a similar saucer-shaped recovery and a temporary pullback before triggering a massive rally.

The驚異的な２週間上昇Bitcoin, SP500 & Gold price, targeting the upcoming top.

If all three hit their targets in the coming months, the HTF depression/recession takes hold. ? #Bitcoin #Gold #SP500 #Crypto pic.twitter.com/oylBD7p1i6

— Gert van Lagen (@GertvanLagen) October 21, 2024

The驚異的な２週間上昇 three price charts showed a clear transition from a downtrend to a sideways/accumulation trend followed by a recovery rally. Before entering a full-fledged recovery, the chart pattern offers a short correction for buyers to recuperate the bullish momentum.

In technical analysis, the target for a breakout is often determined by measuring the depth of the cup in the CNH pattern and applying that value to the expected breakout point. If the pattern holds true, Lagen shows a potential BTC price rally to a $230K high.

The aforementioned target closely aligns with the long-term prediction of several crypto experts, who believe BTC’s six-digit price is plausible.

Experts Forecast Six-digit BTC in 2025

According to crypto aggregator Coingecko, numerous analysts and industry experts forecast significant price increases for the leading cryptocurrency in the coming years.

"The recent Bitcoin price movements and the technicals suggest that BTC is preparing for another leg up," said TraderXO, a crypto analyst. "After reversing from $70,000, the Bitcoin price is now poised to retest the pivot support at $65,000 for sustainability."

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