Bitcoin on Track for $270.000? Chart Pattern Points to Explosive Rally
O Bitcoin Bitcoin (BTC) has just set a historic milestone, closing January above the $100.000 mark for the first time ever. But the bullish news doesn’t stop there. cryptocurrency trading expert Gert van Lagen is projecting that Bitcoin has the potential to surpass the $250.000 mark, and even reach $270.000, based on a long-term bullish chart pattern.
Van Lagen noted that Bitcoin is signaling a breakout from a “megaphone pattern,” a chart pattern characterized by increasingly large price swings with higher highs and lower lows. This pattern, which has formed on the two-week chart, suggests that Bitcoin may be about to enter a new explosive bull cycle.
The upper resistance trendline of the megaphone pattern, as highlighted by the analysis, is around the $120.000 level. According to Van Lagen’s analysis, if Bitcoin successfully breaks above this level and retests it as support, BTC is likely to achieve a new all-time high.
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Before reaching the final target of $271.000, Bitcoin may face intermediate resistance in the $140.000 to $150.000 range. However, if the megaphone pattern fully materializes, Bitcoin could target the $271.000 level as its next target.
“Bitcoin’s 2-week megaphone pattern has broken, targeting ~$271k. Successful bullish retest of upper trendline sets the stage for a cascade of new all-time highs,” wrote .
It is worth noting that the highest price paid for Bitcoin (BTC) was $108.786, recorded on January 20, 2025 (12 days). Comparatively, the current price is 6,02% lower than the all-time peak.
O Bitcoin price has fallen below the $102K zone today. BTC found support near the key $101.500 zone. It is currently correcting losses and facing resistance near the $102.500 level. At press time, the Bitcoin price is trading at $102.231 with a 2.3% decline in the last 24 hours.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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