2024

Bitcoin

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Trader Gert van Lagen has put forward a bold <a href="https://twitter.com/GertvanLagen/status/1746850289380978742" rel="noopener noreferrer nofollow">prediction</a> that Bitcoin could climb to a head-spinning $200,000 before the network's next halving event.
Citing the Elliott Wave theory as the backbone of his prediction, van Lagen's forecast hinges on a critical support level at $31.8K — dip below that, and it is back to the drawing board.
Amid a sea of market speculators and analysts, Bitcoin is currently trading at a somewhat modest $42,396.33, a notch up by 1.1%.
<h2 id="major-spike-before-halving">Major spike before halving?</h2>
The chart attached to van Lagen's prediction showcases a classic Elliott Wave sequence, which posits that markets move in predictable, repetitive cycles influenced by investor psychology.&nbsp;
These cycles are composed of a five-wave trend followed by a three-wave corrective period.&nbsp;
<blockquote>
 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> [1W] Elliottwave-count parabolic move to $200k before halving.Invalidation: drop to $31.8k <a href="https://t.co/C34Rt6u6CE" rel="noopener noreferrer nofollow">pic.twitter.com/C34Rt6u6CE</a>— Gert van Lagen (@GertvanLagen) <a href="https://twitter.com/GertvanLagen/status/1746850289380978742?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 15, 2024</a>
</blockquote>
According to van Lagen’s analysis, <a href="https://u.today/bitcoin-to-hit-1-million-in-days-says-samson-mow-but-theres-catch" rel="noopener noreferrer nofollow">Bitcoin</a> has embarked on a parabolic journey, currently in its fifth and final wave, pointing toward a $200,000 target.
This bullish trend, supported by the theory, suggests an aggressive accumulation phase by investors ahead of the halving.
However, the Elliott Wave Theory should be approached with a healthy dose of skepticism. Its main critique lies in its subjectivity: different traders can interpret the patterns differently, which can lead to varying predictions that may not necessarily be accurate.
<h2 id="big-names-still-bullish">Big names still bullish</h2>
After Bitcoin wobbled below the $42,000 mark recently, market participants are seemingly becoming <a href="https://twitter.com/coingecko/status/1746732854435037481" rel="noopener noreferrer nofollow">less greedy</a>.&nbsp;
The recent introduction and subsequent cooling off of Bitcoin ETFs have been a wild ride, with a spike to $49,000 followed by a dip as traders took profits.
But not everyone is looking to cash out. Big names are still in the ring, with Anthony Scaramucci throwing a punchy prediction that Bitcoin's price will not just reclaim its peak but soar past it by the end of next year.

Bitcoin Price Might Reach $200,000 Before Halving, Trader Predicts

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