2024-11-7 14:28 |
Bitcoin (BTC) held steady on Wednesday after a notable 6% gain over the past 24 hours, reaching a new all-time high of $75,361 and lifting its market cap close to $1.5 trillion, according to CoinMarketCap.
Notably, this latest rally appears to be fueled by preliminary results from the U.S. presidential election, where Donald Trump has emerged as the leading candidate. Many investors consider Trump to be crypto-friendly, positively boosting market sentiment and optimism about future policy.
With Bitcoin’s upward momentum gaining steam, some analysts are setting even higher targets. In a tweet, analyst Gert van Lagen projected that Bitcoin could surge to $250,000 by February 2025, describing this anticipated climb as a “final ascent” in the current market cycle.
Notably, Van Lagen’s analysis pointed to the classic “cup and handle” pattern, a technical formation that often signals a strong bullish continuation after a breakout from the cup’s handle.
“The Bull awakens, strong and clear… $250,000, bold and true—The latest by Feb-25, this path breaks through.” Van Lagen further attributed this anticipated climb to a range of factors, including historical yield spread data indicating a looming recession, which he believes could drive investors into Bitcoin as a hedge.
In a separate analysis, van Lagen highlighted intriguing parallels between Bitcoin and the S&P 500. He noted that investors could potentially redirect profits into alternative assets like Bitcoin as the stock index nears a critical resistance level at 6,000. The expert also shared technical insights showing Bitcoin’s price movement within an upward channel, suggesting a target range of $220,000 to $320,000 based on the Elliot wave indicator.
Notably, analyst Trader Tandigrade also shares van Lagen’s cup-and-handle outlook. He pointed to a similar pattern that led Bitcoin from $10,000 to $60,000 during the 2020-2021 bull rally. The pundit now expects this setup to drive Bitcoin from $70,000 to $400,000 by December 2025, likening it to the historic rally of previous years.
However, not all market observers share this extremely bullish outlook. Ki Young Ju, CEO of CryptoQuant, offered a more measured perspective. Drawing from historical patterns, Ju suggested that while Bitcoin might see a 30-40% appreciation from current levels, investors shouldn’t expect the dramatic 368% gains witnessed during previous bull runs. He further advocated a more cautious approach, recommending gradual profit-taking rather than aggressive buying at current levels.
BTC traded at $74,131 at press time after a brief recoil amid profit-taking.
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